Fed Hawkish Bets Send Gold Prices Plummeting After Stellar NFP

Gold prices fell by about 0.80% on Friday after the release of an upbeat US jobs report, which boosted the Greenback amid growing speculation that the Federal Reserve could raise rates if inflation data next week comes in hotter than expected.

The Nonfarm Payrolls in August came in at 162K, crushing estimates of 56K, while July's print was upward revised from -23K to 21K. The Unemployment Rate remained unchanged at 4.1%.

With a 61% chance for a rate increase by the Fed at the September meeting, up from 54% a day ago, traders are increasingly betting on a hawkish monetary policy.