US economy defies expectations to create 178K jobs in March

U.S. March nonfarm payrolls surprised sharply to the upside at 178K versus 65K expected, while unemployment eased to 4.3% from 4.4%. The stronger labor data is likely to weigh on gold at the Sunday Asia open, as it reduces immediate pressure on the Fed to shift away from a neutral stance despite rising inflation concerns. Kitco notes the metal has already been under pressure as war-related energy disruption has pushed oil above $100/bbl and revived broader inflation fears. In that backdrop, analysts argue gold needs weaker macro data to reassert its safe-haven appeal; a softer growth print would revive stagflation concerns and increase expectations for rate cuts even if inflation stays elevated. Near term, the key catalyst is whether the payroll beat translates into firmer real yields and a stronger dollar when markets reopen. If risk assets digest the data as “no hurry to cut,” gold could remain capped; if inflation/geopolitical stress dominates and economic momentum rolls over later in April, the market could quickly reprice toward renewed hedge demand.