Gold sheds 2.0pc on US jobs growth
Saturday, 6 May 2023
Gold prices beat a fast retreat on Friday after above-forecast US payrolls data that could potentially see the Federal Reserve keeping interest rates high for longer than expected, reports Reuters.
Spot gold lost nearly 2.0 per cent to $2,011.19 per ounce by 8:55 am EDT (1255 GMT), but was up about 1.0 per cent for the week after surging to $2,072.19 on Thursday, just shy of a record high of $2,072.49 after the Federal Reserve hinted that its marathon hiking cycle may be ending.
But a chunk of those gains were quickly unwound as US employers boosted hiring in April while raising wages for workers, pointing to sustained labor market strength that could see the Fed keeping rates higher for some time.