GOLD

Delayed - 05:00 2022-12-09 pm EST
1797.41 USD +0.48%

Gold Closes Lower as the Dollar and Bond Yields Rise Following US Jobs Report

10/07/2022 | 02:03pm
(MT Newswires) -- Gold prices fell on Friday as the dollar and bond yields firmed after the United States reported another rise in employment last month, though it added fewer than expected new jobs.

Gold for December delivery closed down US$11.50 to US$1,709.30 per ounce.

The drop comes as the United States reported adding 263,000 new jobs in September, under expectations for 275,000 jobs according to Marketwatch and below the 315,000 jobs gained in August . The rise comes even as the Federal Reserve is expected to continue raising interest rates in order to slow the economy and cool inflation.

The dollar rose following the report, with the ICE dollar index last seen up 0.29 points to 112.55, as the greenback continues to be the safe haven of choice as interest rates climb.

"The most significant challenge to gold would be a strong US jobs report and further USD strength, but a full reversal of the latest rally wave would require a significant plunge<" Saxo Bank noted.

Bond yields also moved up, also a bearish note for gold since it offers no interest. The US 10-year note was last seen paying 3.87%, up 4.7 basis points.

MT Newswires 2022
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