Forex
Gold Prices Fall Amid Strong US Jobs Data and Dollar Strength
Gold prices plummeted on Monday as robust US economic data and a strengthening dollar weighed heavily on demand. Spot gold fell by 0.5% to $4,652.89 per ounce by 0452 GMT.
The US nonfarm payrolls rose by 178,000 jobs in March, the strongest increase since December 2024. The figures pushed US Treasury yields and the dollar higher, making bullion priced in greenback less attractive.
Rising oil prices, linked to the ongoing Iran conflict, added to inflation concerns. Tim Waterer, chief market analyst at KCM Trade, noted that 'The latest robust NFP print has reinforced hawkish central bank nerves, while persistent oil-driven inflation fears continue to crowd out gold's traditional safe-haven sparkle.'