Spot gold fell 0.8 percent to $2,495.86 per ounce by 1759 GMT, after hitting its highest since Aug. 20, when it last hit a record peak.
US gold futures fell 0.7 percent to settle at $2,524.60.
A report from the US Labor Department showed that the number of non-farm jobs in the United States increased by about 142,000 jobs in August, compared with economists’ estimates in a Reuters poll of 160,000 jobs. The report indicated that the July data was revised down to 89,000 jobs.
The unemployment rate during the month was 4.2 percent, in line with expectations, but down from 4.3 percent in the previous month.
According to the CME Group’s FedWatch tool, traders see a 73 percent chance the Fed will cut rates by 25 basis points this month, and a 27 percent chance it will cut them by 50 basis points.
Low interest rates reduce the opportunity cost of holding non-yielding gold.
As for other precious metals, silver fell in spot transactions by 3.1 percent to $27.92 per ounce, while platinum fell by 0.4 percent to $920.55 and palladium fell by 3.1 percent to $913.
#jobs #data #pushes #gold #approaching #record #levels