US Job Growth Boosts Rate Hike Bets, Gold Prices Plummet
Gold prices plummeted nearly 2% to $4,385.80 an ounce after the US August job growth exceeded expectations.
The Labor Department reported that 162,000 new jobs were added, beating the forecast of 55,000.
The strong employment data suggests that the Federal Reserve may raise interest rates again soon, putting downward pressure on gold prices, which are sensitive to rate hikes.