Gold Pares Gains After Strong US December Jobs Data
Gold pared gains as the dollar and Treasury yields pushed higher following a stronger-than-expected US jobs report.
US hiring accelerated in December and the unemployment rate unexpectedly fell, capping another year of resilience in the jobs market, a Bureau of Labor Statistics report showed Friday. The print reaffirmed Federal Reserve officials’ view that the US central bank will adopt a more cautious approach to lower borrowing costs amid a still-healthy labor market and sticky inflation. Higher rates typically are a headwind for bullion as it pays no interest.
Spot gold slipped as much as 0.1% after the data release. The price was 0.1% higher at $2,670.84 an ounce as of 8:39 a.m. in New York.
Source: Bloomberg