Gold jumped again to its latest record after U.S. jobs data confirmed expectations the Federal Reserve will begin cutting interest rates. This was reported by Bloomberg.
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U.S. hiring slowed more than expected in July, and the unemployment rate rose to its highest level in nearly three years, indicating that the labor market is cooling faster than other data suggest.
Treasury yields and the dollar fell, which helped gold rise 1.3 percent to $2,477.68 an ounce, just shy of the all-time high of $2,483.73 hit last month.
Lower rates are generally a positive for gold because it doesn't pay interest.
- Gold