Strong US Jobs Data Weighs on Gold, Prices Retreat to Around $4,070 - BigGo Finance

AI desk brief

Spot gold quoted at $4,065.58/oz, down 0.1%, at 7:35 a.m. Singapore time on Nov. 9 later rebounded to $4,121.15, according to the report; silver fell 0.2% to $51.81. The report attributes initial weakness to strong October payrolls reinforcing December Fed rate-hike expectations, and the rebound to a 0.13% dollar decline. Ahead of Tuesday’s CPI release, it sees stronger-than-expected inflation reinforcing tightening bets as a potential trigger for a $4,000 retest, while continued dollar weakness could support gold. The year is unspecified, and payroll gains and consensus estimates are not quantified.