Spot Gold Jumps 1.6% to $4,094.45 as US Adds 57,000 Jobs
Updated
Updated · CNBC · Jul 2
Spot Gold Jumps 1.6% to $4,094.45 as US Adds 57,000 Jobs
3 articles · Updated · CNBC · Jul 2
Summary
$4,094.45 an ounce marked a 1.6% rise in spot gold on Thursday, extending a rebound after the metal snapped a two-day losing streak in the previous session.
57,000 June nonfarm jobs—well below the 115,000 forecast and down from a revised 129,000 in May—reinforced demand for bullion after signs of cooling U.S. labor conditions.
Kevin Warsh's comments that inflation expectations and risks had eased, along with a third straight drop in oil prices, further reduced inflation worries and supported gold.
Traders still see a 63% chance of a Fed rate hike by September, a backdrop analysts say could cap gains unless weak data push bullion toward $4,250 rather than back toward $3,500.