Story thread · 18 reports / 10 sources

Gold slides after robust US payrolls boosts rate hike bets

economictimes.indiatimes.com · 10dShare

Gold fell on Friday and was headed for a weekly ​loss after stronger-than-expected U.S. jobs ​data boosted expectations that the Federal Reserve could raise interest ​rates as soon as this month, denting non-yielding bullion's appeal.Spot gold slipped 1.1% to $4,422.91 per ounce by 10:50 a.m. EDT (1447 GMT), putting it on track for a mild weekly decline. After ‌the data, ⁠bullion fell ⁠more than 2% to an intraday low of $4,364.99 per ounce.U.S. gold futures for December delivery dropped ​1.5% to $4,469.80 per ounce.U.S. job growth accelerated sharply in August while the unemployment rate held ​steady at 4.1%, pointing to a still stable labor market and keeping an interest rate hike from the Federal Reserve this month on the table."Gold stumbles ​badly as a huge headline print, and an overall ⁠strong report, ‌makes a September rate hike much more likely unless we ​get a ​weak CPI report," independent analyst Tai Wong said.Short-term interest rate ⁠futures prices now imply about a 65% ch

First report: Gold Futures Edge Up as Treasury Yields Ease — finance.yahoo.com, 12d