#GoldSilverRally
Gold prices fell on Thursday as robust US employment data dampened expectations of an imminent Federal Reserve interest rate cut, outweighing support from ongoing geopolitical tensions between the US and Iran.
The spot price of gold XAU= fell 0.4% to $2,059.87 per ounce.
The decline in the precious metal weighed on mining stocks across the sector. US-based Newmont (NY:NEM) fell slightly, while Barrick Gold (NY:GOLD) (TSX:ABX) fell 1.3%.
South African miners also came under pressure, with Gold Fields (NY:GFI) (JSE:GFIJ) falling 1.5%. Other South African operators, Sibanye Stillwater (New York: SBSW) (JSE: SSWJ) and Harmony Gold (New York: HMY) (JSE: HARJ), declined slightly.
Among Canadian miners, Agnico Eagle Mines (TSX: AEM) declined slightly, while Kinross Gold (TSX: K) fell 1.2%.
Labor market data point to continued economic resilience in the US, reducing the likelihood of an immediate interest rate cut, which typically supports non-income-producing assets like gold.
