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Gold Gains on Smaller-Than-Expected NFP – But Be Careful, September Hike Has Not Been Off The Table -

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    • Gold Gains on Smaller-Than-Expected NFP – But Be Careful, September Hike Has Not Been Off The Table
Sep, 02nd 17:29

gold

Gold traded higher on Friday, supported by a weakening U.S dollar. Following a 255,000 gain in July that bulldozed all forecasts, the U.S Labor Department slightly disappointed the financial markets with only 151,000 rise in the headline non-farm payrolls number for August. The result missed analysts’ estimate of an 180,000 jobs increase last month.

Average hourly earnings rose by 0.1% to $25.73, falling shy of expectations, while the participation rate and unemployment rate were unchanged at 62.8 percent and 4.9 percent, respectively. Regardless of a weaker-than-expected monthly jobs report, the possibility of an interest rate hike later this month has not been completely ruled out as August payrolls are usually affected by seasonal factors in terms of vacation period and school calendars.

Given the labor market near full employment, Yellen has said the economy needs to create just under 100,000 jobs a month to keep up with population growth. According to CME Group’s Fed Watch tool, the odds of a Fed move in September lowered to 21% after the jobs report, while the possibility of a change in December posted at 43.6 percent.

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