Business News Asia
Gold futures fell 0.14% to $1,754.95 an ounce at 5 p.m. after hitting a two-week high.
The Federal Reserve (Fed) is expected to start reducing assets in line with the planned timeframe, even though the latest U.S. employment data came in lower than expected.
The U.S. labor market data released last week was weak, Non-Farm Payrolls creation stood at 194,000 jobs, and the unemployment rate was 4.8% in September. Although the number of Non-Farm Payrolls is low, it is expected that the Fed will start to cut assets in November 2021.
The U.S. dollar moved inversely to gold and also strengthened. Yields on 10-year U.S. Treasury notes also reached their highest level since the beginning of June 2021.
The gold price in India turned negative for the first time in more than two months. Higher local gold prices led to lower demand, while gold purchases in China are expected to recover. The market will reopen after a long holiday.
Other precious metals:
Silver was down 0.1% at $22.567 an ounce.
Platinum was down 0.4% to $1,022.42 per ounce.
Palladium rose 2.6% to $2,130.94 per ounce.