Gold prices edged lower on Monday as last week’s strong U.S. employment report, which showed a surge in new jobs in March and slight drop in unemployment, boosted the dollar and yields.

Spot gold slid 0.2 percent to $1,725.40 per ounce, while U.S. gold futures were down 0.2 percent at $1,725.80.

The yield on the 30-year Treasury bond rose to 2.374 percent and the dollar strengthened as better-than-expected jobs data bolstered hopes for faster economic recovery and added to expectations that all the jobs lost during the pandemic could be recovered by the end of next year.

The U.S. manufacturing sector also saw robust growth in March, marking the highest reading since December 1983.

Amid the strong numbers, analysts say that it will become impossible for the Fed to avoid discussing tapering by the autumn.

Wednesday’s FOMC Meeting Minutes may offer insight as to what it will take for Fed policymakers to begin tightening sooner than expected.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.