Gold found good support above $1,290 an ounce on Monday as surprisingly weak U.S. jobs data diminished fears that the Federal Reserve will raise interest rates soon, and as weaker stocks prompted some safe-haven bids.
Data on Friday showed U.S. job growth slowed in July and the unemployment rate unexpectedly rose, pointing to slack in the labor market. Non-farm payrolls increased 209,000 last month, while economists had expected a 233,000 gain.
The data supports the Fed’s view that a sharp drop in the unemployment rate over the last year has masked substantial weakness in the labor market, signalling the need to keep interest rates at rock-bottom levels well into next year.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015