From mint · · 1m 10s
Gold Rises as Fed Rate Hike Prospects Fade
Gold prices climb as October Fed rate hike expectations drop.
In brief
Gold prices climb as October Fed rate hike expectations drop. Gold prices rose 0.4% to $4,158.17 per ounce as soft U.S. labor data reduced October Fed rate hike prospects to 22%. Originally reported by mint.
Gold Prices Rise
Gold prices drifted higher on Monday after recent soft economic data sharply lowered expectations of a Federal Reserve rate hike in October.
Spot Gold Up 0.4%
Spot gold was up 0.4% to $4,158.17 per ounce by 0150 GMT.
US Job Growth Slowed
US job growth slowed more than expected in September, and the nonfarm payrolls count for the prior two months was revised sharply lower.
Market Analyst Says
Tim Waterer, chief market analyst at KCM Trade, said softer labor market data has helped dial back October Fed hike expectations.
October Hike Probability Drops
Traders now see a 22% probability of a Fed rate hike in October, down from 64% a week ago.
December Hike Still Likely
Traders still price in an 87% chance of an increase in December.
What to remember
Gold prices rose 0.4% to $4,158.17 per ounce as soft U.S. labor data reduced October Fed rate hike prospects to 22%.
