Gold declines amid strong jobs report

Gold fell the most in more than a week as better-than-expected US jobs data reduced its demand as a safe haven. Still, renewed buying from India and China after a year on the sidelines could provide support for the precious metal going forward. India’s gold imports from Switzerland surged to highest in almost eight years in March as jewellery buyers took advantage of a dip in prices during the ongoing wedding season. “These latest numbers certainly demonstrate the degree of pent-up demand in the country after the implosion in 2020,” Rhona O’Connell, an analyst at StoneX, wrote in a note. To be sure, India’s gold-market revival is now “evaporating as a result of the rapid spread of the Covid virus,” she added. India posted the world’s biggest oneday jump in Covid-19 cases yesterday.