Gold price declines after US jobs data spur more rate-hike concerns
Gold extended a decline after plunging below $1,700 an ounce last week.
Gold extended a decline after plunging below $1,700 an ounce last week.
The data will put the Fed on course for another outsize interest-rate hike as it tries to cool the US labor market.
The Labor Department report showed employers added a larger-than-expected jobs, raising fears of big rate hike next month.
Bullion is holding the key $1,700 price level, however.
“The gold price rose slightly on the news as the data release reduces the risk of faster-than-expected rate hikes going forward," analyst said.
Gold dropped after US labor market data showed employers added more jobs in July than forecasted.
US employers added hundreds of thousands more jobs than expected last month, suggesting the economy may not be in a recession.
The Cerro Colorado mine has cut 35 direct jobs, BHP said in a statement.
Bullion was already holding steady ahead of the jobs report, and has since pushed higher in initial reaction to the weaker-than-expected employment figures.
Copper prices eased on Friday as the dollar firmed ahead of key US jobs data that is expected to cement the path towards monetary tightening.