BREAKING: Gold surged to a new 7-week high after the US jobs report (NFP) release @ 12:30PM UTC today!
The 1.36% immediate spike is within a hair of the 1.4% upside forecast shared in yesterday's #
MarketPulse#
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Here's why Gold soared:
US jobs report showed a surprise contraction in July.
Headline NFP (nonfarm payrolls) number: -23,000 vs. +80,000 forecasted.
Unemployment rate fell to 4.1%, lower than 4.2% in June.
Fed funds futures now slashed odds for September Fed rate hike from 64% at start of this week, now down to 44%.
Zero-yielding Gold loves the idea of interest rates not moving up.
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