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At the same time, expectations of higher rates are sending the US dollar higher, further pressuring gold, which is priced in the US currency and becomes more expensive to foreign buyers when the buck climbs.

In April 2013, when gold price fell from the peak above US$1,800 to lower than US$1,600, it triggered a “gold rush” by Chinese housewives with cash to spare.

Precious metal miners were among the big risers on the United Kingdom blue-chip index, after the gold price rout showed signs of stabilising.

Other labor market indicators appeared to augur at least a solid report for June.