Gold falls 1% as October payrolls beat forecasts

U.S. employers added 165,000 jobs in October, well above economists’ forecast of about 60,000, while the unemployment rate fell to 4.1%. The stronger labor-market figures renewed pressure on gold, with investors watching the $4,000-an-ounce level.

Today, 16:53· Money Talk· 1,090 reads

Gold falls 1% as October payrolls beat forecasts

The unemployment rate had been expected to hold at 4.2%, according to the source. Analysts had warned that a stronger-than-expected jobs report could weigh on gold as investors reassessed the labor market’s momentum after a slow summer.

Spot gold last traded at $4,046 an ounce, down 1% on the day, according to the report.

Gold falls 1% as October payrolls beat forecasts

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