Gold Falls After Positive Jobs Data, London Fix Sparks Selloff
- Payrolls reflect reopenings, dollar climbs on China tensions
- Traders set the London gold price $14 lower in afternoon fix
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Gold fell from a record as better-than-expected U.S. jobs data signaled the economic rebound is still making headway. Selling was also exacerbated as traders fixed the London gold price lower and the dollar curbed the metal’s haven appeal.
Payrolls rose by 1.76 million in July, beating estimates for a 1.48 million gain, according to data Friday, while the unemployment rate fell more than expected. Prices also weakened as the LBMA gold price was set about $14 lower in the afternoon auction, according to Tai Wong, head of metals derivatives trading at BMO Capital Markets. The dollar headed for its first gain in four sessions amid a deepening rift between Washington and Beijing.