Why Is Gold Plunging After Strong US Jobs Data?
8 Articles
8 Articles
Gold and silver prices: Rates drop on MCX amid weak global cues; strong U.S. jobs data fuel US Fed rate hike chatter
The rates of gold and silver dropped on the MCX in the morning session on Monday, 7 September. MCX gold October series dropped 0.30% to ₹1,52,315 per 10 grams, while MCE silver December contracts slipped 0.33% to ₹2,36,885 per kg.
Gold prices on global markets turned downward on the first trading day of the week. Spot gold fell to $4.405 on the shockwave generated by the US employment data, while the eyes of the markets turned to the critical US CPI data to be announced. Uncertainty is escalating in precious metals ahead of the interest rate decision.
The global price of gold fell 0.64% to $4,397 per ounce in the wake of the US jobs report.
Gold and silver prices fell on Monday due to weak global cues. Gold was trading at ₹152,358 per 10 grams and silver at ₹236,985 per kg on the Multi Commodity Exchange. Strong US employment data and a strengthening dollar index were cited as the main reasons for the decline.
Gold prices fell on the first trading day of the week following strong employment data from the US. Market expectations regarding the Fed's interest rate policy are being reshaped, while investors are focused on the US inflation data to be released this week.
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