Gold jumps 6% for week as US payrolls fall 23,000 in July
What's new: traders dropped a September Fed hike from pricing after the report, even as unemployment edged down to 4.1%.
Gold climbed more than 1% on Friday and headed for its biggest weekly gain since January after a weaker-than-expected US jobs report clouded the interest-rate outlook. Spot gold traded at $4,285.89 an ounce, up 6% for the week, while US futures rose to $4,344.90. July nonfarm payrolls fell by 23,000, versus expectations for modest growth, and earlier data for May and June were revised lower by 103,000 jobs. The unemployment rate slipped to 4.1%, but that decline came as labor-force participation fell to 61.4%. Markets read the report as easing the case for a near-term rate increase, while analysts said next week's CPI inflation data could still shape the Federal Reserve's next move.