"Strong Non-Farm Payrolls" dispels expectations of a significant rate cut by the Federal Reserve, causing the gold price to fall from record highs
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Better-than-expected US employment data led traders to lower their expectations for a Fed rate cut, causing the price of gold to fall from a record high to $2,643 per ounce. Although the price of gold is still close to the high of $2,685.58 at the end of last month, the market expects the next rate hike to be no more than 25 basis points. Gold has risen by about 28% this year, supported by rate cut expectations and safe-haven demand. Fund managers have reduced their net long positions in gold to a three-week low, indicating a trend of profit-taking
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