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Gold Back to $1320 as U.S. Dollar Extends Gains

Gold ended lower on Thursday, halting a four-session win-streak, as the dollar extended earlier gains after U.S. nonfarm payrolls rose more than expected in June, increasing bets that U.S. interest rates could rise earlier than expected.

Nonfarm payrolls increased by 288,000 jobs, while employment growth jumped in June and the unemployment rate declined to near a six-year low of 6.1 percent, the Labor Department said on Thursday.  Economists polled by Reuters had forecast a gain of 212,000 jobs in June, marking a fifth month above 200,000.

“Looking at the U.S. unemployment situation …it is interesting that we are well into the territory now that one would expect a normalisation of monetary policy (accompanied to) an interest rates rise,” Mitsubishi Corp analyst Jonathan Butler said.

CNBC [1]

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