Gold miners (GDX -3.5%) are a notable laggard as gold futures (XAUUSD:CUR) fall amid improving investor risk sentiment from economic recovery hopes and U.S. private payrolls showed fewer job losses than forecast.
Spot gold -1.9% to $1,693.83/oz. after nearing a one-month low of $1,688.89/oz., and Comex August gold -1.7% to $1,703.70/oz. after falling as much as 2.2%.
“Generally markets are getting comfortable with the fact that even though the data is bad, things are likely to improve and that’s taking the shine off gold,” said Michael Hewson, Chief Market Analyst at CMC Markets UK.