Sunday, October 24, 2021

Gold Drops, Silver Tumbles After U.S. Jobs Growth Tops Estimates

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imageCommodities2 hours ago (Aug 08, 2021 08:09PM ET)

(C) Bloomberg. Flames on newly-poured silver ingots in their molds in the foundy at the JSC Krastsvetmet non-ferrous metals plant in Krasnoyarsk, Russia, on Monday, July 12, 2021. Gold headed for its second decline in three sessions as strength in the dollar and equities diminished demand for the metal as an alternative asset. Photographer: Andrey Rudakov/Bloomberg

(Bloomberg) — Gold extended its slump in early Asian trading, and silver tumbled, after a stronger-than-expected U.S. jobs report fueled expectations that the Federal Reserve may start paring back massive monetary stimulus soon.

Bullion fell more than 4% before trading 2.4% lower at $1,720.78 an ounce. Silver slumped as much as 7%. Data on Friday showed U.S. employers added the most jobs in nearly a year and the unemployment rate declined faster than forecast.

(C)2021 Bloomberg L.P.

Gold Drops, Silver Tumbles After U.S. Jobs Growth Tops Estimates

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