$XAU October 2 NFP — Key Points for Gold TradersThe October 2 U.S. Nonfarm Payrolls (NFP) report delivered a significant surprise for financial markets.
The U.S. economy added only 29,000 jobs in September, well below the market expectation of around 90,000 jobs. Previous employment figures were also revised lower, reinforcing signs of a softer labor market.
The unemployment rate increased to 4.2%, compared with 4.1% previously. Average hourly earnings rose just 0.1% month-over-month, while annual wage growth slowed to approximately 3.0%.
For gold traders, the key takeaway was the shift in Federal Reserve rate expectations. The weaker employment data reduced expectations for further monetary tightening, putting downward pressure on Treasury yields and the U.S. dollar.
Gold reacted positively to the data, with spot gold rising around 1.1% to approximately $4,223 per ounce, while U.S. gold futures gained roughly 1.2%.
Main Trading Points
NFP: 29K vs ~90K expected
Unemployment: 4.2%
Wage growth: 3.0% YoY
Fed expectations: More dovish
Dollar: Under pressure
Treasury yields: Weakened
Gold: Strong post-NFP recovery
For short-term traders, the key variables remain U.S. dollar strength, Treasury yields, upcoming economic data, and changing Fed expectations
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