Gold rises to $4,400 an ounce on lower US rate expectations
Gold’s third straight session of gains reflects the market’s ongoing repricing of US rate expectations following a weaker than expected jobs report.
The US economy lost around 23,000 jobs in July, while the unemployment rate eased slightly to 4.1% from June’s 4.2%.
Lower rate expectations support gold given the metal yields no interest.
The Fed held rates steady at its July meeting, with three officials dissenting in favour of a hike.