$XAU Gold Holds Steady Near $5,060 as Strong U.S. Jobs Data Shakes Up Rate Cut Expectations! ๐ฐ๐
Gold prices stayed strong at $5,060 per ounce after initial gains were trimmed, following robust U.S. jobs data that made investors rethink the urgency for Fed rate cuts. ๐
In January, the U.S. economy added 130K nonfarm jobs, smashing December's 48K and beating expectations of 70K! ๐ฑ The unemployment rate dropped to 4.3%, while average hourly earnings jumped by 0.4% month-over-month, marking 3.7% annual wage growth.
This positive data has lessened the urgency for immediate rate cuts, pushing the marketโs next 25 bps rate move from June to July. ๐ธ As a result, Treasury yields climbed, capping goldโs short-term gains. ๐ฆ
But don't count gold out just yet! Despite this shift, gold is still hovering near its multi-week highs as traders eye potential easing later in 2026 due to slowing growth and geopolitical risks. ๐๐ฎ
Chinaโs PBoC continues to buy gold, providing structural support and keeping gold's outlook steady. Even with the shift in rate cut expectations, the yellow metal stays strong, bolstered by solid labor data and ongoing global uncertainties. ๐
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