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    Home » Gold Rebound Slightly Following An Early Sharp Decline
    Forex News

    Gold Rebound Slightly Following An Early Sharp Decline

    August 9, 20211 Min Read
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    Gold recovered most of its losses from a sharp decline at the start of Asian trading but remains under significant pressure as bets grow that the Fed might start cutting back its huge monetary stimulus.

    • The spot market dropped over 4% early Monday, decreasing $60 in minutes, as the selloff came after Friday’s better-than-expected employment figures increased.
    • Head of metal strategy at Macquarie Group Ltd. stated Gold likely crashed lower after breaching the technical support level and triggering stop losses when liquidity was low.
    • Despite prices bouncing back from an initial drop, gold is still under strain. At current levels, gold is at the lowest since April after strong jobs figures from the U.S. last week.
    • Inflation-adjusted treasury yields sharply increased on Friday’s data, putting more pressure on non-interest-bearing gold.

    The recent slump signals a worsening outlook for the bullion on fears that the strong rebound in the U.S. labor market could see the Fed cut on stimulus sooner than expected.

    XAU USD down -1.26%, EUR USD up +0.01%

    Source: Bloomberg.

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