Home · Business · Sep 4 archive
Gold Prices Fall as US Payrolls Data Boosts USD
Developing
In Short: Gold prices declined in the Philippines on Friday due to upbeat US payrolls data, according to FXStreet.
Gold prices fell in the Philippines on Friday, according to data compiled by FXStreet. This decline follows positive US payrolls data, which tends to strengthen the USD and weaken gold prices.
A rally in the stock market often weakens gold prices, while sell-offs in riskier markets tend to favor the precious metal. The positive US employment figures likely contributed to this week's decline in gold.
Central banks added 1,136 tonnes of gold to their reserves in 2022, worth around $70 billion, according to the World Gold Council, but this information does not directly impact the current price movement.
The FXStreet content team, composed of a group of economic journalists and FX experts, produces and oversees all content published on the platform.
This information is provided in the context of global financial markets and is intended to offer background on the gold market and its recent movements.
What's confirmed
What's still developing
- Further details were still being reported.