Gold Drops After US Jobs Data Keeps Fed on Hawkish Track
- Nonfarm payrolls exceeded estimates at 528,000 last month
- After wavering, gold to close the week little changed
This article is for subscribers only.
Gold dropped after US labor market data showed employers added more jobs in July than forecast, an indication the Federal Reserve may press on with steep interest-rate hikes to thwart inflation.
Nonfarm payrolls rose 528,000 last month, more than double economists’ estimates. The dollar rose following the data release, putting pressure on gold.