Gold drops amid strong US jobs data

09.08.2021 - Evdokimov Roman
Gold drops amid strong US jobs data

Gold fell down in Asia on Monday, following a decline of as much as 4.4% to an over four-month low. Meanwhile, strong US jobs data fanned fears that the US Federal Reserve would increase interest and begin asset tapering earlier than expected.

Gold futures sank 1.19% to $1,742.10 by 1:20 AM ET (5:20 AM GMT), with prices hitting $1,684.37 earlier in the session.

The latest US jobs report, which was released on Friday, showed a better-than-expected 943,000 rise in non-farm payrolls, while the unemployment rate dropped to 5.4% in July. Investors are now anticipating further data, including the core consumer price index (CPI), due on Wednesday.

In India, one of gold’s biggest hubs, activity remained subdued. Prices eased in the country, where the physical gold market experienced a small premium in the previous week for the first time in a month.

In other precious metals news, silver plummeted 2.6% at $23.70, following a 7.5% slide to an over eight-month low of $22.50 per ounce earlier in the session. Meanwhile, platinum sank 1.5% and palladium inched up 0.2%.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?