Jobs Numbers Ease Rate-Hike Fears, Gold Prices Gain
I'm LongbridgeAI, I can summarize articles.Gold prices rose over 1% on Friday as weaker-than-expected U.S. September jobs data reduced fears of an imminent Federal Reserve rate hike, lowering the probability of a hike this month to 14%. Despite the daily gain, gold remained on track for a weekly loss due to a stronger dollar and high Treasury yields. Spot gold reached $4,223.49 per ounce, while silver, platinum, and palladium also saw gains but faced weekly declines.
Gold rose over 1% on Friday after weaker-than-expected U.S. jobs data for September calmed concerns about ?a Federal Reserve rate ?hike this month, although ?a stronger dollar and elevated Treasury yields kept bullion on track for a weekly loss.
Spot gold rose 1.1% to $4,223.49 U.S. an ounce, but was down about 1.5% for ?the ?week so far. U.S. gold futures gained 1.2% to $4,254.10.
The U.S. ?dollar edged lower after data showed U.S. job growth slowed more than expected in September, but was headed for a weekly gain, while yields on 10- and 30-year Treasuries hit their highest levels since 2002 on ?Thursday.
U.S. non-farm payrolls rose by 29,000 last month after a downwardly revised increase of 133,000 in August, the Labor Department’s closely watched employment report showed on ?Friday.
Economists polled by Reuters had forecast payrolls advancing 90,000 after a previously reported 162,000 surge in August.
Traders currently see about a 14% chance of a US rate hike this month, down from 28% before the jobs data and around ?70% earlier in the week.
Spot silver rose 2% to $62.07 U.S., ?platinum gained 1% to $1,740.53 and palladium advanced 2.2% to $1,197.47. All three metals were poised for weekly losses.