Gold prices rose again following the release of US Nonfarm Payrolls (NFP) data today, after initially being under pressure at the start of trading. This movement occurred because the market assessed the labor data as signaling a slowing economy, potentially reinforcing expectations of a Fed interest rate cut.
In the latest report, the US recorded an increase of 64,000 jobs in November after a decrease of 105,000 in October, while the unemployment rate rose to 4.6% (the highest since 2021). This combination of "job growth is there, but unemployment is rising" led the market to perceive labor conditions as less robust than expected.
Consequently, the dollar weakened again, helping gold recover. In the previous session, gold briefly fell below $4,300 due to profit-taking, but after the data was released and the dollar softened, gold rebounded and returned above $4,300.
The market is also awaiting further data this week—particularly inflation—to determine whether the weakening labor force is strong enough to push the Fed to be more dovish in 2026. As long as expectations of lower interest rates remain, gold typically remains bullish, as this asset benefits from weaker yields and the dollar.
Source: Newsmaker.id
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