Gold Prices Rise as Dollar Falls After Jobs Report

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Investing.com – Gold prices rose on Friday as the greenback pared back earlier gains after September’s payroll numbers came in lower than expected.

Comex gold futures for December delivery rose 0.52% to $1,207.80 a troy ounce as of 10:20 AM ET (14:20 GMT),.

The U.S. economy created fewer jobs than expected in September, but unemployment reached a 48-year low, indicating the economy was nearing full employment.

The disappointing payrolls numbers pushed the dollar lower, despite increased expectations of a Federal Reserve rate hike in December.

Gold usually falls as the dollar rises, as it is denominated in the U.S. currency and is sensitive to moves in the dollar. Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.

Read more at : https://www.investing.com/news/commodities-news/gold-prices-rise-as-dollar-falls-after-jobs-report-1634488

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