Gold fell as gains in U.S. employment boosted the case for raising interest rates and strengthened the dollar, curbing demand for the metal just as the European Central Bank meets to consider further stimulus. Bullion for immediate delivery declined as much as 0.4 percent to $1,204.69 an ounce and was at $1,207.40 at 2:26 p.m. in Singapore, according to Bloomberg generic pricing. Prices reached $1,221.43 on Dec. 1, the highest since Oct. 29, as oil whipsawed. Gold for February delivery fell 0.1 percent to $1,207.30 on the Comex in New York. Gold is little changed this year after losing 28 percent in 2013 as the Federal Reserve considers raising borrowing costs while other central banks take steps to spur growth. ECB policy makers meet today after President Mario Draghi said last month they are open to buying a wide variety of assets for further stimulus. The Bloomberg Dollar Spot Index headed for the highest close since 2009 after the Fed said yesterday that “employment gains were widespread” before monthly jobs data tomorrow. “The U.S. dollar and the direction it goes will dictate the direction gold goes,” David Lennox, a resource analyst at Fat Prophets, said by phone from Sydney. “You’d have to say the ECB has got to do something. Without some form of significant QE, that area is just going to bumble along,” he said, referring to quantitative easing by its initials. The Bloomberg Dollar Spot Index, which tracks the greenback against 10 peers, rose 0.1 percent to 1,114.97, set for the highest close since March 2009. The Labor Department’s nonfarm payrolls report tomorrow will show employers added 230,000 jobs last month, according to the median of economist estimates compiled by Bloomberg. Silver for immediate delivery traded 0.2 percent higher at $16.4487 an ounce. Spot palladium rose 0.5 percent to $801.25 an ounce, while platinum added 0.2 percent to $1,228.14 an ounce. bloomberg