Gold Prices Plummet Amid Strong US Job Data and Surging USD

World gold prices declined nearly 1% on September 5, after plummeting more than 2% to $4,364.99 per ounce at one point.

The selling pressure increased as US job data was better than expected, causing the USD to surge and putting additional pressure on the precious metal.

As of about 4 am Vietnam time, when the world market closed, spot gold price decreased by 0.96%, to $4,430.33 per ounce.

The recent developments in the world gold prices have been volatile, with a strong recovery session on September 3 where gold prices increased by more than 2%.

However, selling pressure returned in the September 4 session, pulling gold prices away from the $4,500 per ounce zone and at times falling below $4,400 per ounce.