In the early morning of Beijing time on the 4th, gold futures closed lower on Thursday, falling below the $1900 mark, the lowest closing price in two weeks. The dollar strengthened after the US ADP employment data were released, putting pressure on gold futures prices.
"despite the impressive 13 per cent rise in gold futures prices since March 2021, market confidence is fragile and the upward momentum ahead of the ADP employment report has receded," said CEO Ross Norman, a Metals Daily company.
"it looks like the price of gold has peaked," he said. Some profit-taking trades have exacerbated the decline in gold prices. "
Gold futures for August delivery on the New York Mercantile Exchange fell $36.60, or 1.9%, to close at $1873.30 an ounce, the lowest closing price since May 18.