Gold’s tumble slows first time in nearly 2 weeks, after hitting 7-month low
Investing.com — The selloff in gold slowed the first time in nearly two weeks on Tuesday after the yellow metal hit a new 7-month low on the back of the virtually non-stop surge in Treasury yields and the dollar’s accompanying surge to 11-month highs.
Gold’s most-active futures contract on New York’s Comex, December, settled down $5.70, or 0.3%, at $1,841.50 an ounce.
Earlier in the session, December gold sank to $1,830.95, its lowest since March. The benchmark for U.S. gold futures tumbled 4% last week for its biggest weekly decline since a near 6% plunge during the week to June 11, 2021. Comex gold also wrapped the third quarter down 3% after a 4% drop in the second quarter.
The spot price of gold, more closely watched by some traders than futures, was at $1,823.93 by 15:15 ET (19:15 GMT), down $3.95, or 0.2%. The session low was $1,815.32 — the lowest since the 1,809.40 trough hit in March.
Yields and the dollar received a new upshot after the Labor Department reported earlier on Tuesday that the number of job openings in the United States rose more than expected in August, chipping away at some of the confidence the Federal Reserve may have had in its fight against inflation.
An estimated 9.61 million jobs opened up in August, according to the Labor Department's latest monthly Job Openings and Labor Turnover Survey, or JOLTS, report. In July, there were just 8.92 million openings. Wall Street economists polled by US media had predicted an August number of just around 8.8 million for job openings.
The JOLTS report came ahead of the more important September non-farm payrolls report scheduled for release on Friday by the Labor Department. The Fed will be watching that closely to help steer its decision on rates. The
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