The Canadian bank was targeting $1,730 an ounce as they were expecting the precious metal to break below support at $1,750 an ounce.
In turn, the strong jobs data helped catalyze significant liquidations as the Fed’s dual focus on inflation and jobs places additional attention on employment data, with global markets attempting to gauge the taper clock and to set a timer for the Fed’s first hike.
Labor Department said that 943,000 jobs were created in July, handily beating consensus expectations of 870,000 jobs.