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๐Ÿ‡น๐Ÿ‡ท Turkey /Economy & Trade

Gold prices fall sharply after stronger-than-expected U.S. jobs data

From Cumhuriyet · () Turkish

Translated from Turkish and summarized by DistantNews. Read the original for the full story.

At a glance

News Documents & data Context piece
  • U.S. nonfarm payrolls rose by 162,000 in August, far above the 53,000 increase analysts had expected, sending gold prices lower.
  • Spot gold fell about 2% before recovering some losses, while gram gold traded around 6,853 Turkish liras after a 1.3% decline.
  • Bitcoin also fell below $80,000 and U.S. stock futures moved lower after the employment report.

Gold prices dropped sharply after U.S. nonfarm payrolls rose by 162,000 in August, far exceeding expectations for a 53,000 increase.

Spot gold fell about 2% from the previous day to around $4,378 before recovering part of the decline and trading near $4,403. Gram gold also came under pressure, falling 1.3% to about 6,853 Turkish liras.

The listed prices included 6,864 liras for gram gold, 11,201 liras for quarter gold and 44,602 liras for Cumhuriyet gold. Half gold stood at 22,376 liras, full gold at 44,722 liras and gremse gold at 112,148 liras.

The stronger employment report also weighed on cryptocurrencies and U.S. stock futures. Bitcoin briefly fell to $79,707, below the $80,000 level, before rebound buying lifted it above $80,100. It remained about 1.7% lower than the previous day. Dow Jones futures fell 0.33%, while S&P 500 futures declined by more than 0.2%. Nasdaq 100 futures gave up their early gains.

About this summary

Originally published by Cumhuriyet in Turkish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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