Saturday 08/06/2024 15:00 | GOLDCeylon
GOLD PRICES sank in all major currencies on Friday, dropping $80 an ounce in 6 hours and falling faster than global stock markets, bond prices, Bitcoin and copper after stronger-than-expected US jobs data worsened the steep plunge in the precious metal already made on news that the People’s Bank of China didn’t buy any bullion for its official reserves last month.
That snapped 18 months of continuous gold buying by Beijing as May set a new record-high gold price for the 3rd month running in US Dollar terms.
With the US Bureau of Labor Statistics saying that non-farm payrolls expanded by 272,000 on its first estimate for May – over 55% stronger than consensus forecasts – the odds of the US central bank cutting Dollar interest rates at its September meeting then shrank from 2-in-3 to barely 1-in-2 according to the futures market.
Source: goldprice.org | published by www.goldceylon.lk
