Gold, Silver Prices Under Pressure Amid Stronger US Jobs Data
The price of gold and silver remained under pressure in early Asian trade on September 7, as investors weighed stronger-than-expected US jobs data against expectations around the Federal Reserve's interest-rate path.
COMEX gold was trading at around $4,456.50 an ounce, down 0.45%, while silver was at $66.685 an ounce, lower by 0.09%.
The precious metals are entering a week in which US inflation data, movements in crude oil prices, and developments in West Asia could influence investor expectations and the direction of bullion prices.
US inflation numbers due on September 11 will be the key trigger for bullion markets amid considerable speculation over the interest rate outlook, said Pranav Mer, Senior Vice President, EBG - Commodity & Currency Research, JM Financial Services.
The US Consumer Price Index (CPI) for August is likely to influence both the dollar and bond yields, two factors that often have a significant bearing on gold prices.