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Gold price plunges 0.1% to mark June 2020 low

Stock Markets Group – Gold prices on Friday fell on the basis of trading, confirming the negative dynamics for the third week in a row. Growing optimism about a fast global economic recovery amid favorable US labor market data and a strong dollar weighed on the metal Quotes from Fed Chairman Jerome Powell on Thursday that he expects some inflationary pressures on the economy in the coming time on the rise in bond yields and the dollar. He also noted that the recent rise in bond yields was significant and in the event of a change in market conditions, the Fed is ready to act, but did not specify how the markets would be able to cope with the tightening of policy. As a result, the dollar rose to a 3-month high and the yield on 10-year US Treasuries surpassed 1.6%, dampening the demand for safe-haven assets. The dollar index rose to 92.1 at the start of the day and, despite a slight decline, was able to hold support above 91.7, which is almost 0. 4% above Thursday’s close. The gold price, in turn, closed the day with a fall of $ 2.2, or about down 0.1% to $ 1,698.50 an ounce, the lowest close since early June 2020. Silver fell $ 0.174, or about 0.7%, to $ 25,287 an ounce. Data released by the US Labor Department showed that employment in February rose by 379,000, after an increase of 166,000 a month earlier. Analysts had expected employment to rise by 182,000 jobs, up from 49,000 jobs initially reported in January. The unemployment rate unexpectedly fell to 6.2% in February from 6.3% in January. Economists had expected the unemployment rate to remain unchanged, so in the face of rising oil prices and a gradual recovery in the global economy, safe haven assets that include gold are not popular. In the coming days, the market will win back the positive dynamics of US debt securities and, accordingly, the fall in prices for gold and other metals may accelerate ._____________ Igor Gross, Analyst of Commodities Markets, Stock Markets Group

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