Aug 5 - Gold prices fell more than 2% in volatile trading on Monday as investors liquidated positions in tandem with a broader equities selloff, though analysts said bullion's safe-haven appeal remains strong as U.S. recession fears mount.
Data on Friday showed that the U.S. unemployment rate jumped to 4.3% in July, raising the likelihood of a Federal Reserve cut to interest rates in September, with markets now expecting the central bank to cut by as much as 50 basis points. Bullion, often used as a hedge against geopolitical and economic risks, thrives when interest rates are low.Spot silver was down 5.7% at $26.92 while platinum fell 4.1% to $918.35 and palladium lost 4.5% to $849.05 after hitting its lowest since August 2018.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »