Gold Jumps As Fed Hike Bets Dip
I'm LongbridgeAI, I can summarize articles.Gold prices rose on Wednesday as expectations for a Federal Reserve rate hike diminished following weaker-than-expected U.S. labor market data and dovish comments from a Fed official. Job openings fell to 7.08 million in August, missing forecasts and prompting markets to scale back October hike bets. However, gains were capped by anxiety ahead of the release of the Fed's preferred PCE inflation readings.
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Gold extended gains on Wednesday amidst a drastic repricing of Fed rate hike expectations. A weaker-than-expected labor market data from the U.S. as well as dovish comments from a Federal Reserve official helped gold regain glitter. Anxiety ahead of the release of the Fed's preferred PCE-based inflation readings on Wednesday morning however limited gains.
Data released by the U.S. Bureau of Labor Statistics on Tuesday morning showed the number of job openings falling to 7.08 million in August compared to an upwardly revised 7.34 million in July. The lowest reading in five months also missed forecasts of 7.23 million. The data update caused markets to tone down expectations of another rate hike by the Federal Reserve in late October.
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