Gold jumps after weak U.S. payrolls report dents rate-hike bets

MacroGeopolitics
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Gold futures gained Thursday after a weaker-than-expected June employment report pressured the U.S. dollar and cooled near-term expectations for rate-tightening from the Federal Reserve. Only 57,000 non-farm jobs were added in June, well below analyst forecasts of 115,000, which lifted equities and commodities while calming worries over future interest rate hikes. Traders now see a slightly better than 50% chance of a rate hike by September, down from 66% before the release of the jobs report, according to the CME FedWatch tool. Front-month Comex gold for July delivery jumped 1.1% on Thursday to $4,112.70 per ounce, its highest settlement value since June 23, and front-month Comex July silver gained 0.9% to $60.643 per ounce.

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