Gold prices drop on strong US jobs data

Gulf Today Report 

Gold prices dropped on Monday as US Treasury yields, global stocks rose following beyond expected jobs data in the United States boosting hope for economic recovery.

Spot gold was down 0.3% at $1,723.16 per ounce, as of 05:53 GMT while Gold futures were flat at $1,761.20 per ounce.

Margaret Yang, DailyFX strategist said, "global economic growth is taking a positive turn, however, it is uneven. Growth in the US is particularly strong, but parts of EU is having a challenging time with the third wave of virus." 

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As more Americans take the jab and the US government injected additional pandemic relief money into the economy, more jobs have been created.

US President Joe Biden's announcement of a long-awaited $2 trillion-plus job plan last week has raised some concerns over inflation.

With investors regarding gold as a shield against inflation but higher Treasury yields is challenging that status.