Gold futures jumped 1.3% Friday after a weaker-than-expected July jobs report fueled bets on a Fed rate cut. The labor market added fewer jobs than economists predicted, and the government issued unusually large downward revisions for May and June—signs the job market may be cooling more than thought.
The report increases pressure on the Fed to cut rates in September. Until now, Fed Chair Jerome Powell has avoided committing to a move. On Wednesday, he left rates unchanged and gave no clear signal about the next step. “Powell gave the impression that everything was still open,” Commerzbank noted.
Meanwhile, the dollar slipped, with the WSJ Dollar Index down 0.8%.
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