Gold prices jump 2.2% as US job growth slows and oil declines

Gold prices jumped today, Thursday, supported by weak US jobs data issued today, which was lower than expectations, and a drop in oil prices.

The price of gold in spot transactions rose by 2.2% to 4120 $an ounce, by 14:18 GMT, gold futures in the United States rose 1.1% to $4,128 per ounce.

In a related context, the price of silver rose by 3.4% to trade in spot transactions at $61 per ounce.

US job growth contraction

Job growth in the United States slowed more than expected in June and the previous month’s data was revised downward, But The unemployment rate fell to 4.2%, indicating continued stability in the labor market.

The Bureau of Labor Statistics of the US Department of Labor, in its widely followed annual report, on Thursday, announced an increase of 57,000 jobs in non-farm sectors last month, after the previous figure in May was revised to 129,000 jobs.

Before the report was released, financial markets expected a roughly 50.7% probability that the Federal Reserve would raise interest rates in Its meeting scheduled to be held on September 15 and 16 next.

The Federal Reserve (The US Central Bank last month) last month’s benchmark overnight interest rate within a range of 3.50% to 3.75%, but updated quarterly forecasts indicated that monetary policymakers expect to raise borrowing costs this year.

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