From mint · A Ksheerasagar · · 1m 30s
Gold and Silver Prices Drop After Strong US Jobs Data
Gold and silver prices fell as strong US jobs data boosted Fed rate hike expectations.
In brief
Gold and silver prices fell as strong US jobs data boosted Fed rate hike expectations. Gold and silver prices dropped after strong US jobs data raised expectations of a December Fed rate hike. Originally reported by mint.
Gold and silver prices drop
Gold and silver prices fell on Friday as stronger-than-expected US jobs data lifted expectations of a Federal Reserve rate hike in December.
Gold price details
Gold was down ₹ 1,700 to ₹ 1,42,930 per 10 grams, while silver slipped 1.26% to ₹ 1,84,800 per kilogram.
Gold on track to rebound
Gold has gained nearly ₹ 4,000 so far this week, putting it on track to snap a three-week losing streak.
Silver on track to rebound
Silver remains on track for its first weekly gain in five weeks despite a decline of 1.26%.
US jobs data
American employers added 165,000 jobs in October, more than double economists' expectations of 65,000.
Economic resilience
The US economy showed resilience with GDP expanding at an annualised rate of 3.4% in the third quarter.
Inflation data
The US Personal Consumption Expenditures (PCE) price index rose 0.5% month-on-month in September, marking its biggest rise since March.
Fed rate hike expectations
Investors now expect the Fed to raise another 25 basis points at its December policy meeting, with a 77% probability.
The big picture
Gold and silver prices dropped after strong US jobs data raised expectations of a December Fed rate hike.
