Asia stocks spooked by sudden slide in gold

  • Asian stock markets :
  • Gold drops more than 4% at one stage, oil prices slide
  • Strong U.S. jobs report brings Fed tapering nearer
  • Rising Treasury yields lift dollar to 4mth high on euro

SYDNEY, Aug 9 (Reuters) – Asian shares wobbled on Monday amid sharp losses in gold and oil prices, while the dollar held near four-month highs after an upbeat U.S. jobs report lifted bond yields.

Sentiment was shaken by a sudden dive in gold as a break of $1,750 triggered stop loss sales taking it as low as $1,684 an ounce . It was last down 2.2% at $1,723.

Brent sank almost 2% on concerns the spread of the Delta variant would temper travel demand.

Holidays in Tokyo and Singapore made for thin trading conditions, leaving MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) down 0.1%.

Japan’s Nikkei (.N225) was shut but futures were trading just below Friday’s close. Nasdaq futures slipped 0.5% and S&P 500 futures 0.3%.


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