Gold Price Plunges as Strong Jobs Data Boosts Rate Hike Odds

The gold price saw its best day in weeks on Thursday, closing at $4,539.90 after Fed Governor Waller's dovish comments reduced the odds of a September rate hike from 63 percent to a coin flip.

However, this morning's strong US job numbers, showing an increase of 162,000 jobs in August against a consensus of 55,000, shifted the focus back to a potential interest rate hike.

The odds of a hike rose above 60 percent within minutes, and gold prices have since fallen to around $4,427. Silver is also down significantly.