Gold Prices Pull Back After US Employment Data Exceeds Expectations
The higher-than-expected increase in non-farm employment in the US economy in August triggered downward movements in the precious metals market.
According to August data released by the US Department of Labor, non-farm payrolls increased by 162,000 while the unemployment rate remained stable at 4.1 percent. Following this employment data that beat expectations, a withdrawal was observed in ounce and gram gold prices.
Non-Farm Payroll Data
Employment in non-farm sectors in the US recorded an increase of 162,000 people in August. Market expectations were for this period to see an increase of 55,000 people.
Revisions to Previous Months
Non-farm employment data for June and July were revised upward. The increase for June was raised to 31,000, while the change in July was updated as an increase of 21,000.
Unemployment Rate and Labor Force
The country's unemployment rate remained unchanged at 4.1 percent in August. The number of unemployed people increased by 115,000 to reach 7,031,000, and the labor force participation rate was 61.6 percent.
Earnings and Working Hours
Average weekly working hours rose to 34.4 hours. Average hourly earnings increased by 0.3 percent on a monthly basis and 3.1 percent annually, reaching $37.75.
Current Gold Prices
Following these developments, ounce gold is trading at the level of $4,380 in the markets, while gram gold finds buyers at the level of 6,819 TL.