Gold Prices Surge Past $4,223 Amid Weak US Job Growth
On October 2, gold prices increased to $4,223.49 an ounce, reflecting a 1.1% rise as disappointing US hiring data alleviated concerns over potential interest-rate hikes. The Bureau of Labor Statistics reported that the United States added 29,000 non-farm jobs in September, with the unemployment rate rising to 4.2% from 4.1% in August.
Revisions to previous months' data revealed a loss of 10,000 jobs in July, previously reported as a gain of 21,000, and a reduction in August's increase from 162,000 to 133,000, totaling a loss of 60,000 jobs from earlier estimates. Average hourly earnings saw a slight increase of 0.1% in September, marking a 3% rise over the year.
These figures provided investors with a softer perspective on employment and wage growth, influencing their assessment of the Federal Reserve's potential actions regarding borrowing costs.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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