Gold Futures Prices Slumps to 1-Week Low On US Payrolls, Rate Hike Fears

Gold Prices Monthly High Amid China Struggles, On Lower US September Rate Hike Chance

Gold futures prices slipped to a 1-week low on Monday, adding to a near 2% loss sustained in previous session amid resurgent expectations of a U.S. rates hike by the end of this year 2016.

Gold for December delivery on the Comex Exchange fell to a session low of $1,337.00 a troy ounce.

Spot gold was down 0.4 per cent at $1,330.16 an ounce, after dipping to $1,329.58, the lowest since July 27.

On Friday the, gold collapsed $ 23.00, or 1.68%, after data showed the US economy created over jobs than expected in July, increasing the likelihood of a rise in interest rates by the Fed in the coming months.

The US economy is added 255,000 jobs last month, well above expectations of 180,000, the Department of Labor said Friday. June number was revised up to 292,000 jobs compared with the previous estimate of 287,000.

In the meantime, the jobless rate remained stable at 4.9%, as more people entered the labor market.

The report also showed that average hourly earnings rose the month by 0.3%, beating expectations for an increase of 0.2%. It was 2.6% in the year.

The optimistic data rekindled on speculation that the Federal Reserve will raise interest rates by this year. The fed funds futures are currently pricing in a 15% chance of a rate hike in Sept. December odds were around 44%, compared to 33% before the report.

Holdings of SPDR Gold Trust, rose by 7.1 tonnes to 980.3 tonnes on Friday, its biggest one-day inflow since late June.

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