US Jobs Data Dampens Rate Cut Bets, Gold Remains Subdued
Gold dipped as Friday got underway and was on course for a net weekly decline as data released about U.S. jobs turned out to be a lot stronger than had initially been expected. This data reduced expectations that the Fed would make further cuts to its benchmark lending rate when it meets next month. In early trading in markets in Asia and Europe, the price of spot gold reduced by 0.6% from the previous closing price and was now selling for $4,052 an ounce. Cumulatively, the precious metal has declined in price by 0.7% so far in the week. Gold…