The report underlined fears that a slowdown in global economic growth has spread to the U.S. economy and prompted investors to push back expectations on the timing of an initial rate hike by the Federal Reserve to early 2016.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last down 0.31% to 96.04 after falling to two-week lows of 95.3 immediately following the report.
Gold would benefit from any delay in raising U.S. interest rates as the precious metal would struggle to compete with yield-bearing assets. Higher rates would also boost the dollar, which would make dollar-denominated gold more expensive for holders of other currencies.
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