Big fall in gold prices in the global market

Gold prices have fallen sharply in the international market on the news that more people are getting jobs in the United States than expected. The price of gold has been falling sharply in the global market since news spread that the US central bank, the Federal Reserve, may raise interest rates this month.

Gold prices fell 1.2 percent to $4,419 an ounce on Friday, the biggest daily drop in the gold market this week. The price fell further to $4,364 in trading immediately after the employment news was released, marking the biggest drop in the gold market this week.

In fact, data released by the US government shows that a lot of new jobs were created in the United States in August and the unemployment rate has remained stable. With the country's economic situation so good, the central bank sees no reason to raise interest rates. And when interest rates rise, investors usually find it profitable to leave gold and deposit money in banks or invest in the stock market.

Along with gold, other precious metals also fell in the international market. Silver fell 1.7 percent to $65.83 per ounce. In addition, the prices of other metals such as platinum and palladium also fell significantly. 

The direction the gold market will take will become clearer after the release of the figures on how much commodity prices have increased or decreased in the US market next week.

Source: Reuters .