Gold slips as strong US jobs report lifts dollar and yields
Gold fell 0.9% after a stronger-than-expected US payrolls report pushed up yields and the dollar, while traders raised odds of a Fed hike in December.
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what happened
Gold gave back part of the previous two sessions' strong gains on Friday. The U.S. Labor Department reported that non-farm payrolls rose by 165,000 in October, well above economists' forecasts. September's gain was revised up to 60,000. The unemployment rate fell to 4.1%, and average hourly earnings rose 0.4%.
Forex.com analyst Fawad Razaqzada said the resilient labor market could give the dollar fresh momentum and add pressure on gold. CMS Prime's Terri-Leigh Bennett told Kitco News that "Treasury yields are rising because markets now see an economy that can tolerate restrictive policy for longer." According to CME's FedWatch tool, the probability of a Fed rate hike in December rose to 81% from 73% before the report.
Front-month Comex gold for November delivery dropped 0.9% to $4,064.50 an ounce, and November silver slipped 0.81% to $51.803. For the week, gold rose 4.6% and silver 5.5%, their largest one-week net and percentage gains since the week ending August 21. Information is from Seeking Alpha.
why it matters
Gold pays no interest, so higher bond yields and expectations of tighter policy make it less attractive to hold. A firmer dollar adds to the pressure on precious metals. Markets will now watch Fed rate expectations and Treasury yields closely.
market impact
Gold and silver: strong jobs data lifts the dollar and yields, pressuring metals
- Gold pressure down — higher yields and a stronger dollar reduce the appeal of a non-yielding metal
- Silver pressure down — the same dollar and yield pressure that weighs on gold
- US dollar pressure up — strong payrolls raise expectations of a Fed rate hike
tags
instruments
sources
- Gold futures pull back as strong U.S. payrolls report boosts dollar, yields — Seeking Alpha, 6 November 2026 at 22:45 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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