US NFP Decline Trims Rate Hike Bets, Boosts Gold Price

The US Nonfarm Payrolls (NFP) report showed an unexpected decline of 23,000 in July, falling short of the expected 80,000 growth. This dip has trimmed rate hike bets and boosted gold prices by more than 8% to $4,350.

Gold's price surge is its best week since January, while Bitcoin reclaimed support above $65,000 as crypto market sentiment improved. The Unemployment Rate ticked down to 4.1%, but annual wage growth moderated to 3.2% annually.

The Federal Reserve (Fed) now has a 55.9% chance of leaving interest rates unchanged in the 3.50%-3.75% range in September, according to the CME FedWatch Tool. Meanwhile, risk appetite improved marginally, with sentiment currently in the Fear territory at 29.