Precious metals – Gold price hits one-month high after US nonfarm payrolls data

Precious metals – Gold price hits one-month high after US nonfarm payrolls data
Precious metals – Gold price hits one-month high after US nonfarm payrolls data

(.)

Por Daksh Grover

July 5 (Reuters) –

Gold prices rose to one-month highs on Friday after U.S. nonfarm payrolls figures showed the labor market was weakening, raising expectations of a Federal Reserve interest rate cut in September.

* Spot gold was up 1.3% at $2,385.63 an ounce by 1810 GMT. Gold has gained more than 2% so far this week.

* U.S. gold futures rose 1.2 percent to $2,397.7.

* Data showed U.S. nonfarm payrolls rose by 206,000 jobs in June, slightly above the 190,000 new jobs estimated by economists polled by Reuters.

* On the other hand, the estimated job growth for May was revised downward, from 272,000 to 218,000 new jobs, while April’s job growth was revised downward, from 165,000 to 108,000 new jobs. The unemployment rate rose to 4.1%, slightly above the 4.0% estimate.

* Following the release of the data, U.S. interest rate futures prices reflected continued market confidence in a rate cut in September, with the implied probability holding at around 72%.

* The dollar fell to three-week lows against its rivals after the jobs data, making gold cheaper for holders of other currencies, while 10-year U.S. Treasury yields fell.

* Spot silver rose 2.7% to $31.25 an ounce, on track for its best week since May 17. Platinum gained 2.6% to $1,028.62 an ounce and palladium rose 0.2% to $1,019.75.

(Reporting by Daksh Grover in Bengaluru; Editing by Carlos Serrano and Hector Espinoza)

Reuters

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