TLTP
\nWASHINGTON
\nGold fell from a record as better than expected US jobs data signalled the economic rebound is still making headway.
\nSelling was also exacerbated as traders fixed the London gold price lower and the dollar curbed the metal\u2019s haven appeal.
\nPayrolls rose by 1.76 million in July, beating estimates for a 1.48 million gain, according to data released on Friday, while the unemployment rate fell more than expected. Prices also weakened as the LBMA gold price was set about $14 lower in the afternoon auction, according to Tai Wong, head of metals derivatives trading at BMO Capital Markets. The dollar headed for its first gain in four sessions amid a deepening rift between Washington and Beijing.
\n\u201cPrecious metals are taking a breather as the US dollar and interest rates marginally recover in the aftermath of the stronger-than-expected jobs report,\u201d TD Securities strategists including Bart Melek said in an emailed note on Friday.
\nTraders set the LMBA gold price at $2,031.15 an ounce in the afternoon action. There were no buyers for about 90,000 ounces, BMO\u2019s Mr Wong said. The London fix is used to settle contracts between LBMA members and serves as a benchmark by miners, banks and jewelers around the world to trade and value metal.
\nBullion fell as much as 2.3 per cent, the most since June, but it\u2019s still up more than 33 per cent this year, putting it on track for the biggest annual gain in over four decades. It\u2019s also poised for the longest stretch of weekly gains since 2006 as the health crisis, negative real rates and geopolitical risks spark a flight to precious metals. Further gains are predicted – Bank of America Corporation reiterated its forecast that gold may reach $3,000 an ounce in 18 months and said it\u2019s \u201cfeasible\u201d that silver could hit $35 in 2021.
\nSpot silver dropped as much as 5.3 per cent before trading 3 per cent lower at $28.0635. The price earlier advanced to $29.8591, the highest since 2013.
\nSigns that Europe\u2019s biggest economy is finding its feet again may also be putting pressure on bullion. Germany\u2019s industrial output grew slightly more than forecast in June, following figures released on Thursday that showed factory demand was at 90.7 per cent of the level recorded at the end of last year.
\nEuropean Central Bank chief economist Philip Lane has cautioned against any premature optimism though, arguing that the region\u2019s third-quarter performance will be key to determining the strength and sustainability of the recovery. <\/p>\n","protected":false},"excerpt":{"rendered":"
TLTP WASHINGTON Gold fell from a record as better than expected US jobs data signalled the economic rebound is still making headway. Selling was also exacerbated as traders fixed the London gold price lower and the dollar curbed the metal\u2019s haven appeal. Payrolls rose by 1.76 million in July, beating estimates for a 1.48 million […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-137606","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n