Gold Tumbles as Strong US Jobs Data Boosts Rate Hike Bets

Gold prices fell on Friday as robust US jobs data fueled expectations that the Federal Reserve could raise interest rates this month, making non-yielding bullion less appealing.

The spot gold price slipped 1.1% to $4,422.91 per ounce by 10:50 a.m. EDT (1447 GMT), putting it on track for a mild weekly decline.

The US jobs report showed that job growth accelerated sharply in August while the unemployment rate held steady at 4.1%, keeping an interest rate hike from the Federal Reserve this month on the table.

'Gold stumbles badly as a huge headline print, and an overall strong report, makes a September rate hike much more likely unless we get a weak CPI report,' said independent analyst Tai Wong.