Gold Down on Strong US Jobs Data

Posted By: Religare
Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    Gold futures closed lower in the international market on Friday as the dollar jumped after a key report on payrolls in July showed stronger-than-expected job creation.

    Gold Down on Strong US Jobs Data

    The U.S. labor market added an impressive 209,000 new jobs in July, more than most economists were banking on. The unemployment rate fell back to a 16-year low of 4.3%.

    The data rallied stocks and the dollar index, dulling demand for gold, which tends to move inversely to the greenback.

    A cheaper dollar is beneficial to precious metals investors using weaker currencies. Both markets are affected by interest-rate policy, as higher rates support the dollar but also dull the appeal of nonyielding metals in favor of interest-bearing assets.

    Read more about: gold
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more