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The Economic Times
The Economic Times
Business

Gold falls about 3% as robust US jobs data cements bets on higher rates

United States Gold US Federal Reserve the Federal Reserve Inflation Interest Rates Jobs Report

Gold fell about 3% 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 ⁠2.96% at $4,341.52 per ounce at 1:44 p.m. EDT (1744 GMT), after falling to its lowest level since March 24 earlier in the session. Bullion was down about 4.3% this week.

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