Gold Jumps After US Payrolls Data Miss Forecasts


Gold jumped 1 percent on Friday after U.S. non-farm payrolls data for April came in weaker than expected, boosting expectations the Federal Reserve will delay further interest rate increases.

Bullion prices pared gains later in the session as the U.S. dollar turned higher against a basket of major currencies and New York Fed President William Dudley told the New York Times that two rate hikes in 2016 remain a “reasonable expectation.”

The Labor Department report showed the U.S. economy added 160,000 jobs in April, the fewest in seven months, and Americans dropped out of the labor force in droves, signs of weakness that cast doubts on whether the Fed will lift rates before the end of the year.

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