Gold and Copper Pause Rally as Dollar Firms Amid Stocks Slump

Gold and copper edged lower as poor risk sentiment driven by weak corporate earnings pushed the dollar up.

European shares and U.S. equity futures declined on Thursday amid the souring mood in the stock market. The greenback snapped three days of declines as investors sought a haven, putting pressure on gold and metals priced in the currency.

U.S. businesses’ payrolls fell last month by the most since the early days of the pandemic, due to the spread of the omicron coronavirus variant, according to ADP Research Institute data. That release came ahead of Friday’s employment report from the Labor Department which will be eyed by traders to gauge the pace of wage inflation.