US Jobs Data Disappoints, Gold Rebounds, Dollar Holds
Gold climbed on Friday after softer U.S. payrolls data kept hopes for a Federal Reserve rate cut alive. However, bullion was still on track for its first weekly decline in five weeks, as a stronger U.S. dollar capped gains.
Spot gold rose 1.5% to $5,158.74 per ounce, but was down about 2.2% for the week. U.S. gold futures for April delivery settled 1.6% higher at $5,158.70.
“An alarmingly weak payrolls report that saw heavy private-sector job losses alongside higher wages whispers stagflation. Let’s see if this is enough to help gold recover from what has been a disappointing week,” said Tai Wong, an independent metals trader.
Data showed nonfarm payrolls fell by 92,000 jobs last month, versus expectations for a 59,000 gain, while the unemployment rate rose to 4.4%.
On the geopolitical front, Israel struck Beirut after ordering an unprecedented evacuation of the entire southern suburbs of the Lebanese capital—marking a major expansion of the war against Iran that began a week ago alongside the United States.
Source : Newsmaker.id
