Gold fell below $4,350 per ounce on Friday, reaching its lowest level of 2026 and putting the metal on track for a weekly decline of nearly 4%.
The move came after a stronger than expected US jobs report raised fresh concerns around inflation and interest rates. The May nonfarm payroll report showed the US economy added 172,000 jobs, well above the forecast of 85,000.
The data has changed market expectations for the Federal Reserve. Markets are now considering the possibility of a quarter point rate increase by the end of the year.
Gold has now fallen around 23% from its peak. Silver has seen an even sharper correction, almost halving from its high above $121.
What Traders Are Watching Next? Other than the start of the FIFA World Cup, Kevin Warsh’s first FOMC meeting as Fed Chair on June 16 and 17.
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