Unexpectedly Non-farm Data in the United States, with the US dollar plummeting

Gold rushes high and falls back after encountering obstacles for consolidation

On Friday (November 3rd), although analysts did not intend to short gold in this environment, some said its price trend was disappointing as gold did not benefit from a significant decline in yields and a weak US dollar.

Commodity analysts say that gold prices continue to be driven by global political factors as the weakening of market concerns weakens the safe haven appeal of precious metals. Although the war between Israel and Hamas continues, the conflict in the Gaza Strip continues, and the ongoing chaos in the Middle East has been brought under control.

According to employment data released by the US Department of Labor, non farm employment increased by 150,000 in October, lower than the estimated increase of 180,000; The unemployment rate has risen to 3.9%, the highest since January 2022; The average hourly wage increased by 0.2% month on month and 4.1% year-on-year, the smallest increase since June 2021.