Comex gold contract Delivered in Dec. It fell $9.70 to close at $1,720.80 an ounce.
A stronger dollar will reduce the attractiveness of gold. by making gold contracts more expensive for holders of other currencies. As the rebound in US Treasury yields increases the opportunity cost of holding gold. Because gold is an asset that does not return in the form of interest.
In addition, investors are concerned regarding the accelerating rate hike of the US Federal Reserve (Fed) to curb inflation.
The market is keeping an eye on the US nonfarm payrolls numbers for September on Friday. While analysts predicted that The number of jobs will increase by just 265,000 in September. After rising 315,000 jobs in August and the unemployment rate is expected to remain stable at 3.7%.
