Gold near 3-week low after US data

Gold prices stabilized near their lowest levels in 3 weeks today, Thursday, after a larger-than-expected increase in US private sector jobs in July boosted bets on further monetary tightening in America and pushed the dollar and bond yields higher.

According to Reuters, there was little change in gold in spot transactions at $1935.20 an ounce (an ounce) by 0100 GMT, to remain near its lowest level since July 12, recorded in the last session.

US gold futures fell 0.2% to $1,970.90.

The dollar index rose to its highest level in 4 weeks, and the record 10-year Treasury bond yields recorded their highest levels since November on Wednesday, after data showed the growth of US private sector jobs by 324,000 jobs last month, exceeding Reuters expectations, with an increase of only 189,000 jobs.

Silver in the spot market fell 0.1% to $23.72 an ounce, while platinum fell 0.4% to $917.74. The two metals recorded their lowest levels in about 3 weeks. Palladium fell 0.5% to $1,237.19 an ounce.