US jobs growth beats forecasts, gold drops

US jobs growth beats forecasts, gold drops

The Federal Reserve is likely to continue its steep interest-rate hikes in order to curb inflation, despite strong US jobs growth tempered by recession fears.

On Friday, the US non-farm payrolls went up by more than double what economists had predicted, as the US non-farm payrolls jumped by more than double what economists had predicted. The appeal of non-interest bearing gold was reduced because of the gains in the dollar and Treasury yields.

The data supports the case for the Fed to raise its benchmark rate by 75 basis points next month, matching the moves it made in June and July. It also means that the central bank may need to keep borrowing costs higher for longer, contrary to market expectations for rate cuts in 2023. The US inflation figures are going to give more clues on the likely path later this week.

The precious metal has rallied for the last three weeks, drawing support from fears of a global recession and heightened US-China tensions. Beijing has conducted military drills in the air and seas surrounding Taiwan in the wake of House Speaker Nancy Pelosi's trip there last week.

Spot gold declined by 0.1% to $1,774. 13 an ounce as of 9: 30 a.m. in Singapore. The Bloomberg Dollar Spot Index was up 0.1% after rising 0.6% on Friday. The silver and platinum fell while the palladium edged higher.

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