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Gold rises after employment data leads oil down
Gold prices rose significantly, benefiting from weaker-than-expected U.S. jobs data and a decline in oil prices, which helped ease inflation fears. Spot gold increased by 0.9% to approximately $4,065.51 per ounce, while August futures contracts rose to $4,078.20 per ounce. The data reflected a reduction in U.S. private sector employment, with a decrease of 98,000 jobs in June compared to expectations of 118,000 jobs, amidst a 64% chance of interest rate hikes in September. Other precious metals also saw gains, with silver rising 1.8% to $60.20 per ounce, platinum up 2.3% to $1,613, and palladium increasing 1.5% to $1,228.18.
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