The U.S. Bureau of Labor Statistics reported nonfarm payrolls surged by 162,000 in August. This figure shattered the consensus forecast of 55,000. Job creation accelerated significantly from the 21,000 positions added the previous month.
The data triggered an immediate rally in the U.S. dollar and Treasury yields. Traders previously priced in a 50% chance of a Federal Reserve rate hike in September. The strong employment figures reduced expectations for a dovish monetary policy stance.
Platinum prices fell over 1% following the report. The metal traded below $1,805 per ounce. The dollar's strength and the shifting interest rate outlook pressured the precious metals complex. This macroeconomic surprise became the primary driver for the trading session.