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Gold tumbled to a three-month low on Monday morning as the US dollar stayed strong on the back of a disappointing jobs report.
Gold tumbled to a three-month low on Monday morning as the US dollar stayed strong on the back of a disappointing jobs report.
According to Reuters:
Spot gold fell as much as 0.9 percent to its lowest since June 11, at $1,256.60 in earlier trade, and was down 0.8 percent at $1,258.05 an ounce by 1429 GMT. The metal had gained support on Friday from data showing that employers in the United States hired the fewest number of workers in eight months in August
Andrey Kryuchenkov, VTB Capital analyst, said:
The weaker jobs report did not wobble the dollar significantly … financial players and investors in the West stopped buying into gold some time ago and it’s still difficult to see them get back into the market when you have much better returns elsewhere.
