Gold price surges higher following big miss in U.S. employment 235K jobs created in August

(Kitco News) - The gold market is pushing significantly higher, following a significant miss in the U.S. labor market with fewer jobs created in August.

Friday, the U.S. Labor Department said that 235,000 jobs were created last month. The data was weaker than expected as consensus forecasts called for jobs gains of 720,000.

While the headline data saw a significant miss, the Labor Department included substantial revisions to its June and July numbers. June's employment numbers were revised up by 24,000 to 962,000 from the previous estimate of 938,000. Meanwhile, July's data was revised up to 1.053 million jobs compared to the initial estimate of 943,000.