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Gold drops as jobs data dashes Fed rate-cut hopes, China pauses buying

Section: Daily Dispatches

Yvonne Yue Li and Sybilla Gross
Bloomberg News
via Yahoo News, Sunnyvale, California
Friday, June 7, 2024

Gold fell the most since April as surprise strength in a key U.S. jobs report dashed hopes that the Federal Reserve will be able to start lowering borrowing costs soon.

Billion slumped as much as 2.6% while Treasury yields and the dollar surged after the U.S. government's May employment report showed job growth exceeded expectations and wages were hot.

... Dispatch continues below ...


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"A strong jobs report reversed a great deal of the rate cut excitement that had built during the past week," said Ole Hansen, head of commodity strategy at Saxo Bank. "This report removes hopes for earlier rate cuts, with sticky wage growth and robust employment in need of high rates to cool." ...

... For the remainder of the report:

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