FX.co ★ Gold Flat as Strong US Jobs Data Eases Rate-Cut Bets

Gold futures remained stable around $4,080 per ounce on Thursday, after briefly slipping into negative territory. This came in response to a stronger-than-anticipated U.S. jobs report, the first significant data release following the government shutdown. The report strengthened speculation that the Federal Reserve would maintain interest rates steady next month. In September, the U.S. economy added 119,000 jobs, recovering from an upwardly revised decline of 4,000 jobs in August and exceeding predictions of a 50,000 increase. The unemployment rate increased to 4.4%, marking its highest point since October 2021 and surpassing the expected 4.3%. Meanwhile, wage growth slightly exceeded projections at 3.8%. The Bureau of Labor Statistics (BLS) confirmed it would not publish the standard October employment report, citing the inability to gather household survey data retrospectively. Instead, October's figures will be included in the postponed November release. Furthermore, improved sentiment across equity markets has diminished gold's attractiveness as a safe-haven asset.