GOLD MELTS AFTER NONFARM DATA, TANKS NEAR FOUR MONTH LOW IN ASIA

Published on Aug 09, 2021 11:33

COMEX Gold futures saw continued losses after a heavy correction in last session following a strong US labour market data. The US non-farm payrolls saw a robust addition of 943,000 jobs in July marking the biggest gain in nearly a year and boosted the US dollar index near 93 mark. This surge in jobs took the safe haven element out of the play for Gold and the metal saw accelerated selling once $1800 levels gave up. COMEX Gold futures tanked 2.5% on the day and gave up another 1% to test a four month low near $1740 per ounce. Gold traders also eyed rising vaccinations. United States has administered 351,400,930 doses of COVID-19 vaccines in the country as of Sunday and distributed 407,561,705 doses, the U.S. Centers for Disease Control and Prevention said. Those figures are up from the 350,627,188 vaccine doses the CDC said had gone into arms by August 7, out of 407,550,175 doses delivered.