Forex
Gold Price Plunges on Strong US Jobs Data, Rate Hike Bets Soar
The price of gold plummeted to nearly $4,395 during the early European session on Monday as robust US employment data boosted expectations for a Federal Reserve rate hike.
According to the US Bureau of Labor Statistics, the nonfarm payrolls climbed by 162K in August, surpassing market expectations of 56K and beating July's increase of 21K.
Independent analyst Tai Wong noted that gold stumbled badly due to the strong jobs data, which makes a September rate hike more likely unless there is a weak CPI report.