Gold-priced metals continued to record a significant drop as the market awaited the release of the US NFP employment report tonight.
Following the strengthening US dollar driven by an increase in US treasury yields, gold prices plummeted to $ 1,800 an ounce in the previous session.
Meanwhile in today's Asian session, although price movements showed a modest increase, the yellow metal remained trading at a 2-month low of around $ 1,794 per ounce (11.00am Malaysian time).
The issuance of the NFP employment report tonight has long been long awaited by investors hoping for a recovery in the job market after being hit by the coronavirus pandemic crisis.
Following the ADP unemployment and employment claims data, the market now expects an increase in NFP employment after being supported by positive developments in vaccine launch efforts and the implementation of economic stimulus in December.
Meanwhile, prices also came under pressure after the Central Bank of England (BOE) maintained interest rates unchanged and indicated it would reduce its bond purchases.
Gold usually tends to decline following stricter monetary measures by the central bank.
