Gold hits 7 week high after US loses 23,000 jobs
Business
Gold just shot up to its highest price in seven weeks after the latest US jobs numbers came in way lower than expected.
Instead of adding jobs, the US actually lost 23,000 in July. Economists had predicted a gain of 80,000.
That news pushed spot gold up 2.3% to $4,336.02 per ounce and futures to $4,399.70.
Biggest weekly gold jump since January
This was gold's biggest weekly jump since January, more than 7% so far this week, as investors now think the Federal Reserve is less likely to raise interest rates soon.
Odds of a September rate hike dropped from 57% to 43.9%.
Lower interest rates make gold more attractive relative to yield-bearing assets as bullion does not generate interest.