U.S. nonfarm payrolls rose by 150,000 last month, according to the Bureau of Labor Statistics. The monthly figure was below the market consensus estimates of 178,000.
The disappointing employment numbers have created solid buying momentum, with gold prices trading near session highs. December gold futures last traded at $2,006.40 an ounce, up 0.66% on the day. The report also noted that wage growth is starting to weaken. Last month, average hourly wages increased by seven cents or 0.2%. According to consensus estimates, economists were looking for a 0.3% increase.According to some economists, weak employment and wage growth will support market expectations that the Federal Reserve has finished its tightening cycle.
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