Gold fell on Friday, 6 November, after stronger-than-expected US jobs data reinforced expectations that the Federal Reserve will keep interest rates higher for longer, boosting the dollar and Treasury yields. Spot gold slid to about $4,033 an ounce intraday before recovering toward $4,074 by the afternoon in New York, Reuters reported.

US nonfarm payrolls rose by 165,000 in October, far above the roughly 65,000 economists had expected, and the unemployment rate fell to 4.1% from 4.2%. The dollar index rose 0.7% after the figures, Reuters reported, making gold more expensive for buyers using other currencies.

Rate-cut bets cool

Traders raised the implied odds of a Federal Reserve rate rise in December to 81% from 72.8% before the release, according to CME Group's FedWatch tool. Gold had already slipped in the morning session, with spot gold down 1.1% to $4,044.09 an ounce by 05:01 GMT, as rebounding oil prices revived inflation worries.

Still up for the week

Despite Friday's fall, gold remained about 4% higher for the week, Mining.com.au reported, after climbing to $4,146.63 on Thursday, its highest intraday level since 20 October. Goldman Sachs cut its end-2026 gold price forecast to $4,150 an ounce from $4,650 on Thursday, Reuters reported, citing a more hawkish outlook for Federal Reserve policy.

Sources: Reuters; Mining.com.au.