U.S. non-agricultural employment was unexpectedly strong. Gold fell more than 1%, closing in the black for the week | Anue Juheng – Gold

gold futuresOn Friday (8th), it fell towards US$2,000 per ounce as the US non-farm payrolls report in November was better than market expectations, causing traders to reduce their bets that the US Federal Reserve (Fed) will cut interest rates before March next year. The US dollar and US Treasuries Rising yields have weighed on precious metal prices.

• New York for February deliverygold futuresIt fell 1.6% to US$2,014.50 per ounce, closing in the black this week.
• goldThe spot price fell 1.4% to US$2,000.49 per ounce, falling to an intraday low of US$1,994.49. It fell 3.4% this week, the worst performance in 10 weeks.

The U.S. Department of Labor announced on Friday that 199,000 non-farm jobs were added in November, more than market expectations of 180,000. Average hourly wages increased by 4% annually, the same as October, and the unemployment rate fell to 3.7%.

The unexpectedly strong job market has prompted traders to predict that the Fed’s first interest rate cut next year will be postponed from March to May.

Tai Wong, an independent metals trader in New York, said: “Gold prices tumbled on the back of a generally strong U.S. jobs report. This closing price is $150 lower than Sunday’s all-time high and changes the narrative of the Fed meeting. Now,goldBulls just hope for a more favorable Fed outcome to avoid further corrections in gold prices.

dollar index (DXY) appreciated 0.7% this week, representinggoldbecomes more expensive for overseas buyers,10-year U.S. Treasury yieldrebounded from three-month lows.

The Fed is scheduled to meet on December 12-13. Ole Hansen, head of commodity strategy at Saxo Bank, said: “The market’s bets on interest rate cuts have been largely reflected in prices, sosilverandgoldChallenge flags will continue to be encountered. “

indian entitygoldTraders increased discounts to the highest in seven months this week, hoping to attract customers at a time when local prices remain high and are weighing on demand.

silverSpot prices fell 3.3% to $23 an ounce on Friday, marking the worst record since October 2022 this week.platinumrose 1.3% to $919.01 an ounce,stipendIt fell 2.44% to US$945.94 per ounce.platinumandstipendBoth weekly lines closed in the black this week.