Gold closes down $2.6, dollar weakens – Strong labor market data expected

Gold fell $2.60, or 0.15%, to $1,759.20 per ounce.

Silver futures rose 12.6 cents, or 0.56%, to $22.65 an ounce.

Platinum rose $8.1, or 0.83%, to $985.30 an ounce.

Palladium futures rose $87.20, or 4.7%, to $1,955 per ounce.

The gold contract closed in the red yesterday evening (October 7). According to the U.S. government, the number of applications for unemployment benefits has fallen the most in three months.

Investors are selling gold as a safe haven as a result. Initial jobless claims fell 38,000 to 326,000 in the week ended Oct. 2, a decline since June and below the 345,000 forecasts by analysts.

As investors look ahead to U.S. nonfarm payrolls figures released today for the month of September.

On the other hand, the US dollar was slightly weaker against the other major currencies.

The dollar’s movement index against the six other major currencies in the currency basket fell 0.05% to 94.2216.

The euro was flat at $1.1550.

The pound rose to $1.3621 from $1.3581.

The Australian dollar rose to $0.7310 from $0.7269.

The Spot Market is Open

Friday, October 8, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.02
1,756.10
1,757.10
+0.70
0.04%
1,753.20
1,761.20
Silver
12.02
22.43
22.53
-0.14
-0.64%
22.41
22.72
Platinum
11.57
977.00
987.00
+1.00
0.10%
974.00
992.00
Palladium
11.25
1,898.00
2,048.00
-3.00
-0.16%
1,882.00
2,056.00
Rhodium
05.00
13,300.00
15,300.00
0.00
0.00%
13,300.00
15,300.00

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