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| Gold slides to 5-month low as upbeat jobs data from US & firm dollar point to Fed taper | Gold slides to 5-month low as upbeat jobs data from US & firm dollar point to Fed taper |
| (2 months later) | |
| Global prices for gold abruptly dipped to their lowest in more than four months as commodity markets absorbed a strong US jobs report, boosting expectations of monetary tightening by the Fed. | Global prices for gold abruptly dipped to their lowest in more than four months as commodity markets absorbed a strong US jobs report, boosting expectations of monetary tightening by the Fed. |
| The precious metal was trading $1,741 per ounce, marking a daily decline of 1.26% as of 13:28 GMT. US gold futures shed 1.11% to $1,743.50. Meanwhile, silver slid 7.5% to its lowest price in more than eight months at $22.50 per ounce. | The precious metal was trading $1,741 per ounce, marking a daily decline of 1.26% as of 13:28 GMT. US gold futures shed 1.11% to $1,743.50. Meanwhile, silver slid 7.5% to its lowest price in more than eight months at $22.50 per ounce. |
| Sentiment in bullion remains bearish and the market may have overreacted to the jobs data, according to Carlo Alberto De Casa, market analyst at Kinesis, as quoted by Reuters. | Sentiment in bullion remains bearish and the market may have overreacted to the jobs data, according to Carlo Alberto De Casa, market analyst at Kinesis, as quoted by Reuters. |
| “Even if the Federal Reserve is reducing liquidity, it is not going to happen today or tomorrow; it will take time,” the expert said, adding that some investors were still looking for bargains. | “Even if the Federal Reserve is reducing liquidity, it is not going to happen today or tomorrow; it will take time,” the expert said, adding that some investors were still looking for bargains. |
| The prices of other metals are also on the decline, with platinum dropping 0.8% to $971.80 per ounce, having earlier hit its lowest since November 2020, while palladium was down 0.4% to $2,616.34. | The prices of other metals are also on the decline, with platinum dropping 0.8% to $971.80 per ounce, having earlier hit its lowest since November 2020, while palladium was down 0.4% to $2,616.34. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |