📉 Gold just fell sharply by 2.4% in a single session, closing near $4,400/ounce, after the U.S. jobs report came in stronger than expected.
Specifically, the U.S. economy added 162,000 nonfarm payroll jobs in August, nearly 3 times the forecast, while the unemployment rate held at 4.1%. Strong data led the market to raise the probability of the Fed hiking interest rates at its September meeting to 60%, up from 50% previously.
Why is this notable?
Bond yields and the U.S. dollar both surged, creating double pressure on gold — a non-yielding asset priced in USD.
In simple terms:
If the U.S. economy is too “hot,” it means the Fed is in no rush to ease, and gold gets sold off.
#CryptoNews
🔗 Source: Crypto Briefing
⚠️ This information is for reference only and is not investment advice. Please do your own research before making any decisions (DYOR).
Specifically, the U.S. economy added 162,000 nonfarm payroll jobs in August, nearly 3 times the forecast, while the unemployment rate held at 4.1%. Strong data led the market to raise the probability of the Fed hiking interest rates at its September meeting to 60%, up from 50% previously.
Why is this notable?
Bond yields and the U.S. dollar both surged, creating double pressure on gold — a non-yielding asset priced in USD.
In simple terms:
If the U.S. economy is too “hot,” it means the Fed is in no rush to ease, and gold gets sold off.
#CryptoNews
🔗 Source: Crypto Briefing
⚠️ This information is for reference only and is not investment advice. Please do your own research before making any decisions (DYOR).