Gold Gains After US Labor Numbers Ease Pressure on the Fed
- Bullion is still set for weekly decline after falling 5 months
- US unemployment rate unexpectedly rose to 6-month high
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Gold rose after a US jobs report showed more Americans returning to the labor market, a welcome sign for the Federal Reserve as it tries to cool inflation.
US employers added a healthy number of jobs in August and a steady stream of people entering the workforce lifted the unemployment rate. Nonfarm payrolls rose 315,000 last month, a Labor Department report showed Friday, while the jobless rate unexpectedly rose to a six-month high, the first increase since January, as the participation rate climbed. The dollar edged lower following the data release, boosting gold.