US Payrolls Miss Triggers Metals Rally and Dollar Weakness

A surprise loss of 23,000 jobs in July's US payrolls has reshaped expectations for the Federal Reserve's rate path, sending risk assets rallying and the dollar weakening.

The job miss led to Treasury yields easing modestly, with traders slashing the odds of a September hike. CME FedWatch now prices a hold at 56 percent, up from 45 percent just a day earlier.

US equities welcomed the prospect of easier monetary policy, posting their strongest weekly gains since April. Spot gold climbed to a fresh seven-week high, reaching its strongest level since June 17, and ended the week more than 7 percent higher.