- Massive job growth within the U.S. is once again taking its toll on the gold market as prices test fresh seven-month lows.
U.S. nonfarm payrolls rose by 336,000 in September, according to the Bureau of Labor Statistics. The monthly figure significantly beat consensus estimates of 171,000. Ongoing strength in the U.S. labor market continues to be the biggest factor supporting the Federal Reserve’s stance to keep interest rates in restrictive territory for the foreseeable future, which is driving bond yields higher and weigh on gold. December gold futures last traded at $1,825 an ounce, down 0.37% on the day.