Gold price tumbles to yearly low, trades under $1,700 following Friday’s massive sell-off

Posted by Michael McCrae,

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Gold futures dropped sharply on Sunday evening at the start of the Asian trading session.

Gold October futures dropped to low of $1,677 before recovering. As of 8:20 p.m. ET, gold is off 2.19% to $1,722. Silver October futures lost 3.5% to $23.74. Platinum was also off, losing 1.24% to $960 for October futures.

Spot gold is seeing it’s worst two-day cash drop since April 2020 as the world started to feel the impact of the COVID-19 pandemic, noted Zero Hedge.

Bitcoin is down, too, losing 2.08% over the past hour to trade at $43,377 at 8:30 p.m. ET.

Gold and silver’s selloff started Friday as markets reacted to stronger than expected employment data. U.S. equity markets hit a new record high Friday after the U.S. Labor Department said that 943,000 jobs were created in July, handily beating consensus expectations of 870,000 jobs. At the same time, the unemployment rate fell to 5.4%, down from 5.9% in June. Wages also rose more than expected in July…read more.