Spot gold fell 2%, extending its losses, after a bigger-than-expected August jobs gain in the U.S. The precious metal was still on track ?for a modest ?weekly gain.
Spot ?gold ?was trading at $4,380.59 an ounce, while U.S. gold futures for December delivery dropped 2.6% to $4,424.10 an ounce.
However, bullion was on track for a small weekly rise having rebounded from a three-week low hit on Wednesday, with prices getting a ?further boost from Fed Governor Christopher Waller’s comments.
The U.S. economy added jobs at a brisk pace in August, reversing a summer slowdown in hiring, while the unemployment rate held steady. Nonfarm payrolls rose a seasonally adjusted 162,000 for the month while the unemployment rate, as expected, held steady at 4.1%, the Bureau of Labor Statistics reported Friday.
On Thursday, traders scaled back bets for a September rate hike after Waller said he was leaning toward keeping ?interest rates steady at the central bank’s policy meeting this month if upcoming inflation data shows moderating price pressures.
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