Gold Drops, Silver Tumbles After U.S. Jobs Growth Tops Estimates

Bloomberg

Published Aug 08, 2021 07:53PM ET

Updated Aug 08, 2021 08:09PM ET

Gold Drops, Silver Tumbles After U.S. Jobs Growth Tops Estimates

(Bloomberg) -- Gold extended its slump in early Asian trading, and silver tumbled, after a stronger-than-expected U.S. jobs report fueled expectations that the Federal Reserve may start paring back massive monetary stimulus soon.

Bullion fell more than 4% before trading 2.4% lower at $1,720.78 an ounce. Silver slumped as much as 7%. Data on Friday showed U.S. employers added the most jobs in nearly a year and the unemployment rate declined faster than forecast.

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