Gold extended its slump, and silver tumbled, after a stronger-than-expected U.S. jobs report fueled bets that the Federal Reserve may start paring back its massive monetary stimulus soon.
Spot bullion fell more than 4% and silver slumped as much as 7% after Friday’s employment figures. Dallas Fed President Robert Kaplan said the central bank should start tapering its asset purchases sooner rather than later, and in a gradual manner, fanning expectations that stimulus will be reined in. The dollar held an advance, while yields on 10-year U.S. Treasuries rose on Friday.
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August 09, 2021 at 06:53AM
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Gold Drops, Silver Tumbles After U.S. Jobs Growth Tops Estimates - Bloomberg
"drops" - Google News
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