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- Gold traded higher after the release of the U.S. labour market data
Gold traded higher after the release of the U.S. labour market data
Gold traded higher after the release of the U.S. labour market data. The U.S. economy added 215,000 jobs in July, missing expectations for a rise of 223,000 jobs, after a gain of 231,000 jobs in June. June's figure was revised up from a rise of 223,000 jobs.
The U.S. unemployment rate remained unchanged at 5.3% in July, in line with expectations. It was the lowest level since April 2008.
Average hourly earnings rose 0.2% in July, in line with forecasts, after a flat reading in June.
These figures are unlikely to be strong enough that the Fed starts to hike its interest rate in September. The weak wage growth figures and low inflation could also mean that the Fed will wait for the stronger U.S. economic data before raising its interest rates.
October futures for gold on the COMEX today rose to 1098.70 dollars per ounce.
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