Spot gold prices rose more than 1%, surpassing $3,340 an ounce on Friday (August 1), as the latest U.S. jobs report reinforced evidence of a cooling labor market and strengthened expectations of a Fed rate cut in September.
The U.S. economy added only 73,000 jobs in July, short of the 100,000 projected by analysts, while the unemployment rate edged up to 4.2%, up from 4.1% in June. In response, the market now rates a 75% probability of a September rate cut, up sharply from 45% before the report. The data follows higher-than-expected PCE inflation figures released on Thursday, which highlighted persistent price pressures and further complicated the Fed's policy outlook.
Separately, President Trump reaffirmed plans for a 10% global base tariff and imposed new retaliatory duties of up to 41% on countries that do not have trade agreements with the US. He also announced a 40% tariff on goods allegedly routed through third countries to avoid existing duties. (alg)
Source: Trading Economics
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