Gold drops 1.6% to $4,402.44 after stronger US jobs report
Business
Gold prices slid by 1.6% on Friday, landing at $4,402.44 per ounce, mainly because the latest US jobs report was much stronger than expected.
With more jobs added and inflation worries still in play (especially with tensions in the Middle East), investors are now bracing for higher interest rates to stick around a bit longer.
Precious metals fall gold down >16%
It wasn't just gold feeling the pressure: silver plunged 3.9%, platinum slipped 1.8%, and palladium fell 1.2%.
Since February, gold has lost more than 16% of its value as rising oil prices and global uncertainty keep making things unpredictable for precious metals fans.