U.S. officials, including Secretary of State Mike Pompeo, have accused Iran of orchestrating devastating strikes on Saudi oil installations over the weekend.Politicsread more
"The president is right to make this the center point of the rising and sustained trade conflict," says Sen. Chris Coons.Politicsread more
"We're gonna take this meeting by meeting. We're not on a preset course," Clarida told CNBC's Sara Eisen during an interview Friday on "Squawk on the Street."The Fedread more
More than 400 Chinese products will be temporarily exempted from tariffs that President Donald Trump's administration imposed last year.China Economyread more
"I feel like I've contributed all I can to this primary election," he told MSNBC's "Morning Joe." "And it's clearly not my time. So I'm going to end my presidential campaign."2020 Electionsread more
The United Auto Workers union and General Motors are making progress on their labor contract talks, however there remain "many" outstanding issues, according to a union leader...Autosread more
Democratic presidential candidate Elizabeth Warren has been given more than one opportunity over the past two weeks to clarify her response to a key question about her...Politicsread more
Apple will get a taste of whether upgraded features on the new iPhone 11 are enough to lure shoppers to retail stores around the world as the new smartphones officially hit...Technologyread more
James Bullard said he dissented on this week's Fed decision to lower rates by a quarter percentage point because he didn't think the cut was big enough.The Fedread more
Joshua Harris, Apollo Global Management's co-founder, has a message for private equity's naysayers in Washington.Delivering Alpharead more
Roku shares have more than quadrupled this year, but the stock has had some rocky days of late as more players jump into streaming.Technologyread more
Gold slumped more than 2% and silver shed 4% as stronger-than-expected U.S. economic data and hopes of a thaw in the U.S.-China trade war boosted Treasury yields and soothed fears of an economic slowdown, driving a shift back into riskier assets.
Spot gold fell 2.1% to $1,520.60 per ounce and silver fell 4% to $18.79 per ounce, after having earlier dipped as low as $1,509.03 and $18.48, respectively, with both set for their worst daily percentage decline in more than 2-1/2 years.
U.S. gold futures dropped 2% to $1,528.90 per ounce.
Platinum also declined about 2.4% to $962.00 per ounce, after having touched a low for the day of $940.50.
Data showing U.S. private employers' payrolls rose and U.S. services sectors growth accelerated in August boosted stock markets, which were already buoyed by positive signs on U.S.-China trade.
"The gold market trading at highs was ambushed by strong U.S. data from ADP to ISM; the data also savaged a frothy bond market, which helped drive the slide in gold," said Tai Wong, head of base and precious metals derivatives trading at BMO.
Driving hopes of a thaw in the protracted dispute between the world's two largest economies, China's Commerce Ministry confirmed high-level trade discussions with the United States set for early October.
"The risk sentiment that was sparked by the ebbing trade situation is leading to gold market participants to take some of their bets off," said Daniel Ghali, commodity strategist at TD Securities.
The changes in gold and Treasury yields are both symptoms of the same economic circumstances, Ghali said. "The longer yields are rising because growth expectations are."
Treasury yields jumped on the positive developments on U.S.-China trade as well as the strong U.S. data.
Investors will now turn their attention to the U.S. nonfarm payrolls data on Friday for further clarity on the U.S. economic health.
With additional positive payrolls data, "you could see a further retreat from bonds and gold," BMO's Wong said.
"But barring a stunning trade resolution it remains a bullish bond market in the U.S. due in large part to the fact that yields in the rest of the developed world are practically non-existent. Gold might correct but the overall positive outlook will remain," Wong added.
Palladium was the sole gainer, rising 0.6% to $1,561.93 per ounce, having hit $1,567.68 its highest in more than 1-1/2 months earlier in the session.