Gold price tops $4,100 after U.S. jobs data revisions fuel Fed-rate hopes
Gold jumped past $4,100 on Thursday after the latest U.S. payrolls data pointed to a softer labor market than markets had been expecting. The headline was a 57,000 job gain for June, but the Bureau of Labor Statistics cut April and May’s numbers by a combined 74,000, so the revisions wiped out more jobs than were added last month. Economists in the Reuters poll were looking for a 110,000 increase. Spot gold climbed 2.4% to $4,126.97 an ounce as of 9:00 a.m. EDT. U.S. gold futures gained 1.4% to $4,139.20. The dollar index dropped 0.7%.