Gold falls sharply globally

(© Africa Studio/

Gold fell 1 percent after better-than-expected jobs in the US boosted the dollar and opened the door for the Federal Reserve to raise interest rates for the third time this year.

US firms increased jobs more than expected in July and also raised average hourly wages by the highest pace in five months, a sign that the labor market was improving and the Federal Reserve was assured that inflation would gradually rise to the 2 percent target.

The US dollar rose after the data was released after falling near a 15-month low, making gold more expensive for non-US investors.

Spot gold fell 0.8 percent to $ 1257.66 an ounce after falling 1.1 percent. The yellow metal is heading towards the end of the week, down 0.9 percent after rising for three straight weeks.

Gold for the December delivery of US contracts fell 0.8 percent to $ 1264.60 an ounce.

Among other precious metals, silver fell 2 percent to $ 16.28 an ounce after falling to a two-week low of $ 16.17 an ounce.

Platinum rose 0.1 percent to $ 961 an ounce after hitting its highest level since late April at $ 970.10 an ounce. The metal is heading for its best weekly performance since early January.

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