On Thursday, the gold main chain Gold$iShares Gold Trust(IAU.US) further fell below $4,820 per ounce, as deteriorating U.S. growth and labor signals triggered widespread risk reduction rather than a flight to safety, extending gold's pullback. U.S. companies announced 1.084 million layoffs in January, the highest for the month since 2009, while initial jobless claims rose by 23,000, far exceeding expectations. ADP data showed private payroll growth was significantly below expectations. The weak run of labor indicators reinforced expectations for the Fed to cut rates later this year, with markets still leaning toward a first move in June and possibly another in September. However, the market's immediate reaction favored deleveraging in crowded trades, with significant selling in AI-related stocks (AI-STEM), cryptocurrencies$Coinbase(COIN.US)$Strategy(MSTR.US), silver$iShares Silver Tr(SLV.US), and rare earth magnet mining$MP Materials(MP.US), dragging gold lower through liquidations after last week's excessive rebound. Elsewhere, the ECB and the Bank of England kept rates unchanged.