Gold Rises After NFP Due to March Revisions

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.

via WSJ

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza