Prices have fallen, with gold retreating as the possibility of a U.S. interest rate hike returns to the spotlight.
This followed the release of a strong U.S. jobs report.
The report showed that employers added about 162,000 jobs in August, causing gold to decline.
This figure is more than three times previous expectations. The labor force participation rate also rose to 61.6%.
The shift of about 300,000 people from outside the labor market into jobs directly contributed to these results.
In contrast, the unemployment rate remained steady at 4.1%, as the number of employed and job seekers increased.
This strong data has reignited the debate over the Federal Reserve’s decision at its next meeting.
The strength of the labor market may prompt the U.S. central bank to maintain its tight monetary policy or consider raising interest rates.
Higher interest rates typically have a negative impact on gold prices, as they increase the appeal of assets that offer investors fixed returns.
In the precious metals markets, silver rose to $66.70 per ounce.
Platinum also rose 0.1% to $1,833.42. Palladium rose 0.48%, reaching $1,399.01.
Gold prices remain tied to U.S. economic indicators and investors’ expectations regarding the path of interest rates in the coming period.
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