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The Economic Times
The Economic Times
Business

Gold slides after robust US payrolls boosts rate hike bets

United States Gold the Federal Reserve US Federal Reserve Inflation silver

Gold fell on Friday and was headed for a weekly ​loss after stronger-than-expected U.S. jobs ​data boosted expectations that the Federal Reserve could raise interest ​rates as soon as this month, denting non-yielding bullion's appeal.

Spot gold slipped 1.1% to $4,422.91 per ounce by 10:50 a.m. EDT (1447 GMT), putting it on track for a mild weekly decline. After ‌the data, ⁠bullion fell ⁠more than 2% to an intraday low of $4,364.99 per ounce.

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