🥇 Gold Falls 1% After Strong US Jobs Data Strengthens Fed Rate Hike Expectations.
Gold prices retreated on Friday, November 6, as stronger-than-expected US employment data boosted the dollar and Treasury yields, putting pressure on non-yielding bullion. Spot gold fell 1% to $4,047.10 per ounce, while US December gold futures dropped 1.4% to $4,056.90.
The US economy added more jobs than expected in October, while the unemployment rate declined to 4.1%. The stronger labor market reinforced expectations that the Federal Reserve could maintain restrictive monetary policy for longer. Markets increased the probability of a December rate hike to approximately 74.8%, while the US dollar strengthened 0.7%.
Despite Friday's decline, gold remained up approximately 4.5% for the week, positioning it for its strongest weekly performance since late August. Investors are now assessing whether stronger employment and higher interest-rate expectations will interrupt bullion's recovery above $4,000 or whether bargain hunting and safe-haven demand can sustain the rebound.
$XAU
$XAUT
#JobsReportRaisesHikeOdds
Gold prices retreated on Friday, November 6, as stronger-than-expected US employment data boosted the dollar and Treasury yields, putting pressure on non-yielding bullion. Spot gold fell 1% to $4,047.10 per ounce, while US December gold futures dropped 1.4% to $4,056.90.
The US economy added more jobs than expected in October, while the unemployment rate declined to 4.1%. The stronger labor market reinforced expectations that the Federal Reserve could maintain restrictive monetary policy for longer. Markets increased the probability of a December rate hike to approximately 74.8%, while the US dollar strengthened 0.7%.
Despite Friday's decline, gold remained up approximately 4.5% for the week, positioning it for its strongest weekly performance since late August. Investors are now assessing whether stronger employment and higher interest-rate expectations will interrupt bullion's recovery above $4,000 or whether bargain hunting and safe-haven demand can sustain the rebound.
$XAU
$XAUT
#JobsReportRaisesHikeOdds
