If something can’t go up on good news, that is rarely a good sign in markets. In theory, the softer US jobs report at the end of last week should have been a clean setup for gold. The non-farm payrolls figure rose by just 29k in September, well below expectations around 90k, while the unemployment rate ticked up to 4.2%. While that was enough to cool expectations for another Fed rate hike this month, gold has struggled to turn that into any meaningful upside. The main problem for the precious metal right now is that the bond market is still refusing to play along . 10-year Treasury yields briefly fell towards 5.16% after the jobs data before snapping back higher, and they remain elevated near multi-decade highs around 5.26% today.
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