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Yahoo BusinessAug 07, 2020
Gold Falls After Positive Jobs Data, London Fix Sparks Selloff
(Bloomberg) -- 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."Precious metals are taking a breather as the U.S. dollar and interest rates marginally recover in the aftermath of the stronger-than-expected jobs report," TD Securities strategists including Bart Melek said in an emailed note Friday.Traders set the LBMA gold price at $2,031.15 an ounce in the afternoon auction. The volume of selling outstripped buying by about 90,000 ounces, BMO's Wong said. The London fix is used to settle contracts between LBMA members and serves as a benchmark by miners, banks and jewelers around the world to trade and value metal.Bullion fell as much as 2.3%, the most since June, but it's still up more than 33% this year, putting it on track for the biggest annual gain in over four decades. It's also poised for the longest stretch of weekly gains since 2006 as the health crisis, negative real rates and
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