Gold gallops amid broad dollar weakness

Published on Jan 09, 2023 13:33

COMEX Gold futures witnessed an impressive bounce on Friday as the US dollar slipped following the tepid wage growth in the US triggered expectations that the Fed may lean towards smaller interest rate hikes. The data from the Labor Department showed that non-farm payroll employment jumped by 223,000 jobs in December after surging by a revised 256,000 jobs in November. While the US unemployment rate fell to 3.5% from 3.7%, the US average hourly earnings growth slowed to 4.6% y/y from 5.1%. This pulled the dollar sharply lower after recent surge and boosted Gold by around 2%. The shiny metal currently quotes at $1883 per ounce, up 0.75% on the day and hitting its highest level since June 2022.