Commodities
Gold Declines as US Jobs Data Fuels Debate on Fed Rate Cut Size
- Payrolls post muted advance as unemployment rate drops
- Metal needs ‘continuous cuts’ for next leg up: strategist
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Gold fell after a mixed jobs report added to the ongoing debate over how deep the Federal Reserve is going to cut interest rates at its September meeting.
Nonfarm payrolls rose by 142,000 last month, leaving the three-month average at the lowest since mid-2020, Bureau of Labor Statistics data showed Friday. The unemployment rate edged down to 4.2%, the first decline in five months, reflecting a reversal in temporary layoffs.