Gold falls 2% after strong U.S. jobs report as September Fed hike odds narrow

  • Gold declined after August U.S. payroll growth exceeded forecasts by more than 100,000 jobs.
  • Spot gold fell about 2% to $4,391.61 per ounce.
  • September rate-hike odds fell from roughly 70% to near-even levels after the jobs report.

Gold prices fell about 2% after August U.S. employment data showed 162,000 new jobs, well above forecasts of roughly 53,000, while unemployment held at 4.1%. Spot gold settled at $4,391.61 an ounce and futures at $4,514.19, while silver and platinum also declined. The U.S. Dollar Index rose 0.2% to 99.03, adding pressure to dollar-priced bullion. Federal Reserve Governor Christopher Waller said he could support keeping policy unchanged at the September 15-16 meeting if inflation continues to moderate, although renewed price acceleration could lead him to favor a rate adjustment. Market pricing for a September rate increase moved from about 70% earlier in the week to roughly even odds, with a later reading putting the probability at 52%. Next week’s consumer price index report is expected to be a key test for gold, which faces resistance near its 200-day moving average around $4,526.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.