Gold surges past $4,300 as weak US payrolls dampen rate hike bets
Gold rose over 2.3% on Friday to trade at $4,340 after US employment figures showed a contraction of 23,000 jobs in July, dampening expectations of Fed interest rate hikes.
Gold Market
Gold rose over 2.3% on Friday to trade at $4,340 after US employment figures showed a contraction of 23,000 jobs in July, dampening expectations of Fed interest rate hikes.
The US dollar fell following a weaker-than-expected July payrolls report, leading investors to reduce expectations for Federal Reserve interest rate increases ahead of key inflation figures.
A surprise drop in US nonfarm payrolls and lower participation rates have highlighted fresh economic weakness, prompting analysts to re-evaluate the Federal Reserve policy outlook.
A surprising contraction in July US non-farm payrolls has weakened the dollar and lowered expectations of a September Federal Reserve rate hike.