Report

rss

Iraq News

Kurdistan

Economy

World

All News

Gold prices slip as strong U.S. jobs data lifts yields, stocks

Category: Economy

Date: 2021-04-05T08:29:05+0000
Gold prices slip as strong U.S. jobs data lifts yields, stocks

Shafaq News/ Gold prices eased on Monday as U.S. Treasury yields rose and global stocks gained after better-than-expected jobs data in the United States fuelled optimism over a swift economic recovery.

Spot gold was down 0.3% at $1,723.16 per ounce, as of 0553 GMT. Gold futures were flat at $1,761.20 per ounce.

"Strong payroll data has boosted the dollar and the yields and is weighing on gold prices. I think gold's primary trend is bearish," said DailyFX strategist Margaret Yang.

"Global economic growth is definitely taking a positive turn, however, it is uneven. Growth in the U.S. is particularly strong, but parts of EU are having a challenging time with the third wave of virus."

The U.S. economy created the most jobs in seven months in March as more Americans got vaccinated and the government doled out additional pandemic relief money.

That lifted global stock prices to a more than one-month high on Monday, while benchmark U.S. Treasury yields held near a 14-month peak.

The dollar, however, was steady against its rivals ahead of U.S. services sector data.

U.S. President Joe Biden's announcement of a long-awaited $2 trillion-plus job plan last week has raised some concerns over inflation.

Some investors view gold as a hedge against inflation, but higher Treasury yields, which translate into a higher opportunity cost for holding bullion, have challenged that status.

"It is becoming clear to me that gold's sensitivity is not to future inflation expectations, but rather, to moves in U.S. bond yields, notably the 10-year tenor," said OANDA senior market analyst Jeffrey Halley in a note.

Elsewhere, silver fell 1.1% to $24.70 per ounce and palladium was down 0.8% at $2,645.98.

Platinum dipped 0.1% to $1,208 per ounce after hitting its highest since March 18 in the session at $1,218.

Source: Reuters

related

Gold crosses $2,000-mark, palladium at record high on Ukraine crisis

Date: 2022-03-07 05:55:04
Gold crosses $2,000-mark, palladium at record high on Ukraine crisis

PRECIOUS-Gold firms as dollar stalls; investors await U.S. data

Date: 2021-04-15 08:47:50
PRECIOUS-Gold firms as dollar stalls; investors await U.S. data

Gold reaches a 1-week high

Date: 2020-12-16 09:40:56
Gold reaches a 1-week high

PRECIOUS-Gold dips as higher dollar, U.S. bond yields weigh

Date: 2022-06-22 08:23:23
PRECIOUS-Gold dips as higher dollar, U.S. bond yields weigh

Gold prices elevated in Kurdistan today

Date: 2021-07-10 08:19:06
Gold prices elevated in Kurdistan today

PRECIOUS-Gold set for strongest week in two months as Fed in no rush to hike rates

Date: 2021-07-30 11:34:23
PRECIOUS-Gold set for strongest week in two months as Fed in no rush to hike rates

PRECIOUS-Gold dips as dollar firms, Fed rate hike looms

Date: 2022-07-25 06:31:35
PRECIOUS-Gold dips as dollar firms, Fed rate hike looms

Gold prices nudge lower as US treasury yields resume charge

Date: 2022-04-21 10:26:09
Gold prices nudge lower as US treasury yields resume charge