September Fed Hike Odds Rise as Strong Jobs Data Weighs on Crypto and Gold

The latest jobs data has strengthened the case for a Federal Reserve rate hike in September, causing crypto-linked stocks and gold miners to sell off.

The US economy added 162,000 jobs in August, well above the consensus estimate of 56,000. July's reported loss of 23,000 jobs was revised into a gain of 21,000.

The VanEck Gold Miners ETF (NYSE:GDX) fell 1.90% shortly after the open, while spot gold prices dropped 1.4% to $4,400 per ounce.

The reaction reflects the market's repricing of interest-rate expectations, with higher rates weighing on non-yielding assets such as gold and Bitcoin (BTC).