Gold Tumbles as Strong NFP Report Fuels Rate Hike Bets

Gold's attempt to hold above $4,500 faltered after the US Nonfarm Payrolls (NFP) report released stronger-than-expected job data for July and August.

The NFP figure showed a gain of 21,000 jobs in July, revised from an initial decline of 23,000, while August saw a significant increase of 162,000 jobs, nearly three times the consensus forecast of 56,000.

This stronger employment data boosted expectations for a possible September Fed rate hike, putting pressure on the US dollar and Treasury yields, which in turn weighed on gold prices.