Spot gold dropped 1.85% to $4,390.34 per ounce; US 2-year treasury yield rose to 4.416% at one time as Fed rate‑hike bets firm after jobs report.
US nonfarm payrolls rose 162,000 in August, beating economists' forecasts, the Bureau of Labor Statistics said Friday, with the prior two months' payrolls revised higher. The unemployment rate held at 4.1%.
Job gains were led by a rebound in leisure & hospitality and government hiring; construction and manufacturing also recorded solid increases. The report indicates the US labor market remains resilient amid inflationary pressure and Iran‑related uncertainty.
Fed officials may view the print as evidence supporting further rate hikes, though next week's US CPI will be the key input for the Fed's decision later this month.