Gold Price Rises as Dollar and Yields Slip on US Jobs Data - News18
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Last Updated: July 08, 2023, 01:33 IST New York, United States of America (USA) Gold remains stubbornly bid - trading higher even before the number. Today's report has given bulls some relief, at least short term, said Tai Wong, a New York-based independent metals trader. Gold prices rise as weaker US nonfarm payrolls cast doubt on interest rate hikes, boosting the appeal of the precious metal Gold prices rose on Friday and were on track for their first weekly gain in four as the dollar and bond yields fell after weaker U.S. nonfarm payrolls numbers cast doubts over the trajectory of interest rate hikes beyond July yet again. Spot gold was up 0.8% at $1,926.54 per ounce at 2:06 p.m. EDT (1806 GMT). Bullion was up 0.4% so far this week. U.S. gold futures settled 0.9% higher at $1,932.50. Labour department data showed nonfarm payrolls came in well below expectations last month, but the unemployment rate retreated from a seven-month high amid fairly strong wage gains. Benc...