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Indonesia News Portal for Traders | Financial & Business Updates

10 January 2025 20:49  |

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

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