Gold futures surge over $100, breach $4,400 after weak US jobs data
MacroCommodityDigital Finance Impact 4
Gold futures surged more than $100, breaking through the $4,400 level today after the release of US nonfarm payrolls data showing a decline of 23,000 jobs in July, contrary to analysts' expectations of an increase of 88,000 jobs. COMEX gold futures for December delivery rose $108.20, or 2.52%, to $4,407.80 per ounce, while spot gold gained $115.72, or 2.73%, to $4,356.65 per ounce. Investors increased bets that the Federal Reserve will hold interest rates steady at its September meeting, with the CME Group FedWatch Tool indicating a 59.9% probability of rates remaining at 3.50% to 3.75%, up from 33.0% the previous week. Gold prices also drew support from hopes for an end to the war between the US and Iran, after President Donald Trump expressed confidence that the war would end soon, and from a weaker dollar, which enhanced gold's appeal.
