Gold climbs 1.6% as markets scale back September Fed tightening expectations
Gold bars
Gold and silver extended their gains during Friday's trading as investors scaled back expectations for higher US interest rates following weaker-than-expected US labor market data.
Meanwhile, the US Dollar Index, which tracks the greenback against a basket of six major currencies, fell 0.15% to 100.72, putting it on course for a weekly loss.
Fed funds futures traders reduced the implied probability of a September interest rate hike to 54%, down from 66% before Thursday's US employment report, according to Reuters.
|
Price Performance of Selected Precious Metals |
|||
|
Metal |
Price ($/oz) |
Change ($) |
Change (%) |
|
Gold (August Futures) |
4,191.60 |
+65.90 |
+1.60% |
|
Gold (Spot) |
4,175.38 |
+53.03 |
+1.30% |
|
Silver (September Futures) |
62.88 |
+1.82 |
+2.95% |
|
Silver (Spot) |
62.34 |
+1.42 |
+2.35% |
|
Platinum (Spot) |
1,656.06 |
+32.41 |
+2.00% |
|
Palladium (Spot) |
1,280.15 |
+15.93 |
+1.25% |
The June employment report showed US employers added fewer jobs than economists had expected last month, while the unemployment rate declined. Weekly jobless claims also fell, contrary to market expectations.
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