Gold prices rose Friday after U.S. jobs data matched expectations for April, but steep revisions to March data sowed doubts about the labor market’s health and bolstered hopes that the Federal Reserve would delay raising interest rates.
The U.S. economy added a seasonally adjusted 223,000 jobs in April, the Labor Department said. March data were revised to 85,000 jobs, down from a previously reported 126,000. The unemployment rate, collected through a separate survey, fell to 5.4% in April from 5.5% in March. Economists expected a gain of 228,000 jobs in April and an unemployment rate of 5.4%.
Gold prices initially jumped to $1,193 a troy ounce in response to the report, but they pulled lower as traders sifted through the data for clues about future U.S. monetary policy.