By Stephanie Yang and Ese Erheriene
Gold prices fell for the fourth day in a row Tuesday, as investors turned to riskier assets and concerns over economic stability eased.
Gold for August delivery was recently down 0.9% at $1,344.50 a troy ounce on the Comex division of the New York Mercantile Exchange.
The precious metal had soared as investors flocked to haven assets following Britain’sunexpected vote in June to leave the European Union. As Brexit fears have abated, gold investors are taking money off the table in preparation for the next major economic event, said Ira Epstein, a strategist at the Linn Group.
A better-than-expected jobs report last Friday also helped mitigate worries over the health of the U.S. economy. On Tuesday, U.S. stocks continued to climb after closing at a record high on Monday.
”The stock market suddenly came into play. People are dumping some of the other assets, gold being one of them,” Mr. Epstein said.
For some investors, the strong jobs data have sparked speculation that the Federal Reserve will be able to raise interest rates this year. Higher rates tend to weigh on gold, which pays holders nothing and becomes less attractive compared with yield-bearing assets when borrowing costs rise.