US Jobs Data Boosts Rate Hike Expectations, Slams Gold Prices

Gold prices dropped on Friday as the release of strong US jobs data boosted expectations that the Federal Reserve could raise interest rates at its September meeting.

The spot gold price fell by 1.2% to $4,419.09 an ounce, after initially dropping more than 2% earlier in the session to $4,364.99.

US gold futures for December delivery also declined, settling at $4,476.60 an ounce, a 1.4% drop.

The decline in gold prices was not isolated, with other precious metals such as silver, platinum, and palladium also experiencing losses, down by 1.7%, 0.8%, and 2.5% respectively.