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Gold Down, Fed Expected to Begin Asset Tapering on Schedule By Investing.com

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© Reuters.

By Gina Lee

Investing.com – Gold was down on Monday morning in Asia, as the U.S. Federal Reserve is expected to begin asset tapering as per its timeline despite the disappointing data in the latest U.S. jobs report.

By 12:14AM ET (4:14 GMT) the price of $1,754.95 had fallen 0.14%. The yellow metal hit a high of two weeks on Friday due to the U.S. job report. However, it lost ground during the session.

On Monday, the, which moves in an opposite direction to gold, climbed a bit, while Friday’s benchmark reached its highest point since June 2021.

The U.S. Labor Department’s jobs report, released last Friday, showed that were at 194,000, and the u was 4.8%, in September. Despite the fact that the figure for nonfarm payrolls was lower than the 500,000 forecasted by Investing.com in September, it is expected that the Fed will begin asset tapering beginning in November 2021 because of the increase in COVID-19-related cases.

Although the U.S. job market will continue to feel COVID-19’s impact, it is too soon to say it is “stalling,” San Francisco Fed President said on Sunday.

SPDR Gold Trust, (P) holdings declined 0.2% to 985.05 Tons on Friday, down from 986.54 Tons on Thursday.

The Indian physical gold rate fell to an unprecedented discount last week due to rising prices and a decrease in demand. China’s market reopened following the Golden Week holiday, and buying was anticipated to increase.

Silver fell 0.1%, while platinum dropped 0.4% to $1.022.42. Palladium rose 2.6%, to $2,130.94 after reaching its highest point since Sep. 13.

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