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Gold holds modest gains as USD firms and Fed hike bets cool
The U.S. economy added 29K jobs in September, while unemployment rose to 4.2% and wage growth slowed to 3.0%, helping ease pressure on Fed rate hikes.
Gold prices held modest gains in early Monday trading, though they stayed rangebound within a one-week band, as investors weighed mixed signals for rates and the dollar, FXStreet reported. The outlet said receding expectations for an October Federal Reserve rate hike reduced US bond yields from multi year highs, which supported the non-yielding metal.
FXStreet added that the U.S. dollar pushed to a fresh high since April 2025, limiting further upside for gold. It also pointed to the U.S. Nonfarm Payrolls report showing the economy added 29K jobs in September versus a prior month downwardly revised reading, and that the unemployment rate rose to 4.2% from 4.1% in August.
The same report showed annual wage growth slowed to 3.0% in September, matching the lowest pace since May 2021, according to FXStreet. The outlet said softer inflation data released last week further eased pressure on the Fed and helped keep US yields lower, though traders still appeared to be pricing in an October move based on CME Group’s FedWatch Tool.
Latest closeGold $4,172.10 ▼0.7%