Gold Extends Drop on Stronger-Than-Expected US Employment Data - Livemint

AI desk brief

Gold fell as much as 1.5% toward $4,020/oz after stronger-than-expected US payrolls, with traders largely pricing in a December Fed hike; the dollar index rose 0.4%. Spot gold was down 0.8% at $4,055.42 by 12:40 p.m. New York, while silver slipped 0.03% to $51.76. Goldman Sachs cut its year-end gold forecast to $4,150 from $4,650, citing rates, energy uncertainty and inflation volatility as challenges for tactical longs. Further dollar strength or higher expected real yields could pressure bullion, although Goldman said the correction may appeal to longer-horizon investors seeking exposure to central-bank accumulation or protection against macro-policy tail risks.