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Gold dips below $1,700/oz

The gold price has tumbled on better-than-expected jobs data in the US.
Gold dips below $1,700/oz Gold dips below $1,700/oz Gold dips below $1,700/oz Gold dips below $1,700/oz Gold dips below $1,700/oz

South Africa-headquartered gold producer AngloGold Ashanti fell 12%

Staff reporter

The US payroll figures were "a game-changer", Pepperstone head of research Chris Weston said, adding "this is progress and the US economy no longer requires the level of support it once did."

Total nonfarm payroll employment rose by 943,000 in July, with figures also revised upwards for both May and June, and the unemployment rate fell to 5.4%.

The precious metal fell below US$1,700 an ounce on the spot market, having started last week above $1,800/oz, and was about $1,723/oz at the time of writing.

Gold miner AngloGold Ashanti has also dropped.

The company closed down 12% in Johannesburg on Friday, as it reduced production guidance amid uncertainty about the restart of its Obuasi mine in Ghana which has been suspended since a fatality in May.

The JSE is closed today for Women's Day today.

Elsewhere, precious metals producer Fresnillo closed down 2.65% in London, copper major Freeport-McMoRan rose 2.82% in New York and mining giant BHP was up slightly in morning Australian trade.