Forex
Gold Prices Plummet 3% Amid Stronger US Jobs Data and Rising Oil
Gold prices plummeted nearly 3% over the week as investors reassessed their outlook for US monetary policy in light of stronger-than-expected employment data and inflationary pressures from surging crude oil prices.
The sharp decline comes as US Treasury yields rose, and the dollar strengthened, outweighing demand for gold as a safe-haven asset. This was despite initial support for bullion from geopolitical uncertainty and weakness in the US dollar.
The commodity market experienced considerable volatility throughout the week, touching a three-month high before recovering from a steep sell-off in the middle of the week and retreating once again on Friday.