8/6, 5:18 PM (Source: TeleTrader)
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Gold, silver plunge after positive US jobs data

The prices of gold and silver extended losses on Friday following better-than-expected data reports on the state of employment in the United States. The number of initial jobless claims declined in the last week of July below market estimates, while the unemployment rate in July monthly dropped by 0.5 percentage points to 5.4%.

The tapering talks continued between legislators and the Federal Reserve, with Fed's Mary Daly arguing more people has to get vaccinated against the COVID-19 before the central bank considers reducing the pace of its bond-buying program. On the other side, Senator Joe Manchin urged the Fed to start tapering before the country's economy "overheats."

Spot gold sank by 2.28% to $1,763. 01 per ounce, while silver plunged 3.32% to $24.32 an ounce at 11:17 am ET.

Breaking the News / ND