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- Gold price declines on the uncertainty over the interest rate hike by the Fed this month
Gold price declines on the uncertainty over the interest rate hike by the Fed this month
Gold price decreased on the uncertainty over the interest rate hike by the Fed this month. The U.S. Labor Department released the labour market data today. The U.S. economy added 173,000 jobs in August, missing expectations for a rise of 220,000 jobs, after a gain of 245,000 jobs in July. July's figure was revised up from a rise of 215,000 jobs.
The U.S. unemployment rate dropped to 5.1% in August from 5.3% in July, exceeding expectations for a decline to 5.2%. It was the lowest level since April 2008.
Average hourly earnings rose 0.3% in August, beating forecasts of a 0.2% gain, after a 0.2% increase in July.
The labour-force participation rate remained unchanged at 62.6% in August. It was the lowest level since October 1977.
These figures could mean that the Fed will not raise its interest rate this month.
October futures for gold on the COMEX today fell to 1115.40 dollars per ounce.
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