Strong June Jobs Report Pushes Gold Down 1% as Fed Rate Cut Timeline Shifts

Gold experienced a significant 1% decline on Thursday, falling to $3,325.48 per ounce, as robust U.S. employment data reshaped market expectations about Federal Reserve monetary policy. The June jobs report showed 147,000 new positions created, substantially exceeding economists’ predictions of 110,000. This economic strength led investors to reduce their expectations for interest rate cuts from 66 basis points to just 53 basis points by year-end, with the first cut now anticipated in October rather than July. The stronger employment picture boosted the U.S. dollar, making gold more expensive for international buyers. Additionally, Republicans advanced a major tax-cut bill that could […]

Gold Reverses Course After June Employment Numbers Beat Expectations

Gold prices dropped about 1% after the June jobs report showed stronger employment numbers than economists expected. The precious metal had been trading higher earlier in the day but reversed course following the data release. Despite the pullback, analysts remain optimistic about gold’s long-term prospects, with some predicting it could reach $4,000 per ounce within the next year due to ongoing economic uncertainties and geopolitical concerns.