- The US Bureau of Labor Statistics (BLS) reported on Friday that Nonfarm Payrolls (NFP) rose by 142,000 in August as compared to 160,000 expected and the previous month's downwardly revised reading of 89,000.
- Other details of the report showed that the Unemployment Rate edged lower to 4.2% from 4.3% in July and wage inflation, as measured by the change in Average Hourly Earnings, rose to 3.8% from the 3.6% previous.
- According to the CME Group's FedWatch tool, the markets are pricing around a 70% chance of a 25-basis-points rate cut by the Federal Reserve later this month and the probability of a 50-bps reduction stands at 30%.
- The US Dollar, which initially fell after the release of the jobs data, soon gained ground and traded slightly higher during the Asian session on Monday, which, in turn, is seen acting as a headwind for the Gold price.
- Meanwhile, the mixed US jobs data provided clear evidence of a sharp deterioration in labor market and weighed on investors' sentiment amid persistent geopolitical tensions, offering support to the safe-haven XAU/USD.
- Data published by the People's Bank of China (PBOC) showed on Sunday that the country's gold holdings stood at 72.8 million fine troy ounces at the end of August, unchanged for the fourth successive month.
- Meanwhile, the markets reacted little to the latest Chinese inflation figures, showing that consumer prices rose for the seventh consecutive month in August, while producer price deflation persisted.
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