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Reuters
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Gold today fell to its lowest level in more than 4 months, and good US employment data fueled fears of an earlier-than-expected interest rate hike, increasing the opportunity cost of owning the metal.
And gold fell 1.1% in the spot market to $ 1,744.50 an ounce, at 6:16 a.m. GMT.
At the start of trading in Asia, prices fell 4.4% to $ 1,684.37, the lowest level since March 31, 2021. And US gold futures fell 1 , 1% to $ 1,744.50.
Data from the U.S. Department of Labor showed employers were employing the most workers in about a year in July 2021 and continuing to raise wages.
The data helped benchmark 10-year US Treasury yields rise, undermining gold’s appeal as an inflation hedge. The dollar index hit a two-week high today.
Source: Reuters
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