11 Oct 2021
Gold Falls as Asset Tapering Timeline Closes In
The Index Today
With the upcoming Federal Reserve’s asset tapering plans and poor U.S jobs report, gold was down in Asia on Monday morning.
Gold Futures went down 0.14% to $1,754.95 after a two-week high after the U.S jobs report was released. On the other hand, dollar went up on Monday as the U.S treasury yields peaked to one of its highest levels since July 2021 Friday.
The latest jobs report which was released on Friday showed that the unemployment rate was at 4.8% despite a forecast which was lower than the 500,000. It is expected that the Federal Reserve will begin asset tapering by November and the covid infections begin to go down and economy eases up.
Mary Daly, Fed president of San Francisco said, “Although the U.S job market will continue to feel covid’s impact, it is too soon to say it stalling.” SPDR Gold Trust holdings went down 0.2% on Friday. Silver also went down 0.1% whereas platinum steadied at 0.4% to $1,022.42.