13:51 UK · News landed
⚡ 🟢 BULLISH for gold · 🇺🇸 US jobs report (NFP) · 🔥🔥🔥 HIGH
🕒 Fri 2 Oct, 13:30 UK
US jobs report = new jobs added last month.
Actual: 29K new jobs
Expected: 89K (prev 162K, now cut to 133K)
Surprise: weaker than expected
Unemployment rate: 4.2%, expected 4.1%
Pay rise in the month: 0.1%, expected 0.3%
July and August were cut by 60K in total.
Gold: about $4,213 by 13:50 UK
Why: far fewer new jobs, so another Fed rate hike looks less likely. The dollar and US government bond rates fell, and gold rose after the report.
16:17 UK · Why it faded
🔍 Why gold gave it all back | 02 Oct | news was 🟢 BULLISH for gold
US jobs report (new jobs last month), out 13:30 UK: 29,000 vs 90,000 expected. Textbook: 🟢 bullish for gold.
Gold jumped about $49 to about $4,227, then slid to about $4,145 by 16:11 UK, below where it started.
Why?
US 10-year bond yields eased only to about 5.2%, still near Thursday's 24-year high. Gold pays no interest, so high yields weigh on it.
Traders still see about a 2 in 3 chance of one more US rate rise by December.
Context: economists said a late Labor Day may have dragged the jobs number, and weekly jobless claims are still very low.
📖 Lesson: one weak report rarely changes the bigger story on rates.
21:19 UK · Gold today
🌙 Gold today · Fri 2 Oct · $4,143, down 0.8%
Change on the day: down $35
Range $4,125 to $4,226
What moved it
🟢 US jobs report (NFP): 29,000 new jobs in September vs about 90,000 expected (13:30 UK)
bullish for gold
Gold rose to $4,226 after it, then slipped back as US government bond rates rose
Mon 5 Oct
🔥🔥🔥 US services survey (ISM), above 50 = growing, 15:00 UK
