Forex
Gold Price Soars Above $4,300 on Weak Payrolls and Falling Dollar
The gold price jumped above $4,300 after weak U.S. payroll data triggered a sharp weekly rally in gold prices.
The report from the Bureau of Labor Statistics showed that U.S. nonfarm payrolls fell by 23,000 in July, cutting expectations for a September Federal Reserve rate hike.
This decline in job growth led to lower Treasury yields and a weaker dollar, which supported further gains in gold prices.
The spot gold price rose 2.3% to $4,336.02 by late Friday trading after gaining more than 3% earlier in the session.