Baghdad, Gold prices fell, on Monday, by 4.4 percent to their lowest level in more than four months, as strong US jobs data raised fears that the Federal Reserve will raise interest rates faster than expected, which increases the opportunity cost to keep useless.
Spot gold fell 2.3 percent to $1,722.06 an ounce, its lowest since March 31.
US gold futures fell 2.1 percent to $1,726.40.
The data confirmed comments by Federal Reserve officials indicating a faster-than-expected decline.
The data boosted the dollar and benchmark 10-year US Treasury yields, hurting gold’s appeal as an inflation hedge.
Silver also fell 7.5%, hitting its lowest level in more than eight months at $22.50 an ounce.
The last drop was 2.6% at $23.70.
Source: National Iraqi News Agency