Gold slips on encouraging US data
- 07 Apr 2021
Gulf Today Report
Gold prices dropped on Wednesday due to strong United States data and a rise in COVID-19 vaccinations boosting hope for quick economic recovery.
Spot gold was down 0.3% to $1,737.75 per ounce by 03:54 GMT while US gold futures slipped 0.3% to $1,738.60 per ounce.
Stephen Innes, chief global market strategist at Axi said, "gold is being pressured by a little bit of profit-taking after a series of strong US data that indicated a quick economic recovery."
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US jobs vacancies have jumped to a two-year high in February and hiring has picked up amid an increase in COVID-19 vaccinations.
The International Monetary Fund also raised its outlook for global economic growth, forecasting worldwide output would rise 6% this year.
