Gold prices have pulled back sharply on Monday as investors rush to the U.S. dollar after skyrocketing oil prices due to the war in the Middle East aggravated concerns of inflation along with forecasts that global major banks would adopt a hawkish stance in the near-term.
Front Month Comex Gold for April delivery has tumbled $54.6 (or 1.06%) to $5,104.10 per troy ounce.
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Market Analysis
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.