Gold price fell on Friday after a stronger-than-expected U.S. jobs report reinforced expectations that the Federal Reserve will keep interest rates higher for longer amid inflation concerns fuelled by the war in the Middle East. Spot gold was down 1.6 per cent at $4,402.44 per ounce, having fallen about 2.9 per cent this week so far. U.S. gold futures for August delivery fell 0.3 per cent to $4,491.80.
Nonfarm payrolls increased by 172,000 jobs in May after rising by an upwardly revised 179,000 in April, the U.S. Labor Department's Bureau of Labor Statistics said in its report. A Reuters poll had forecast a gain of 85,000 jobs after a previously reported rise of 115,000 in April.
