Reported about 1 year ago
Gold surged to its highest level since May following U.S. hiring data indicating a slowdown in the labor market, strengthening expectations for lower interest rates in the upcoming months. The price of gold increased by 1.4% to $2,389.35 per ounce in New York on Friday, reacting to the U.S. Bureau of Labor Statistics report showing reduced hiring and wage growth in June. Analysts believe these figures increase the likelihood of a rate cut in September, with gold gaining 2.7% this week amidst thin trading due to a U.S. holiday on Thursday. Silver, platinum, and palladium also saw gains, while the Bloomberg Dollar Spot Index and 10-year U.S. Treasury yields were set for weekly declines.
Source: YAHOO