US job growth exceeds expectations in October despite economic uncertainty

AI desk brief

US October payrolls rose 165,000, exceeding economist expectations, while unemployment eased to 4.1% and August–September job gains were revised up by 84,000, according to the BLS figures cited. Annual hourly earnings growth reached 3.1%, below September’s reported 3.7% inflation rate. The report says the Fed raised rates to 3.75%–4% in September, held steady in October, and economists expect another increase in December. Labor-market resilience could pressure gold if it reinforces tighter-policy expectations and lifts real yields or the dollar; persistent inflation provides a competing channel, so the bullion impact remains conditional.