FX.co ★ Gold Eases After Strong Jobs Report

Gold futures initially rose but subsequently fell below $3,350 per ounce following a stronger-than-anticipated US jobs report. This report alleviated concerns about a severe downturn in the labor market amidst President Donald Trump's intensifying tariff conflict. In May, the US economy saw an addition of 139,000 jobs, surpassing predictions of 130,000, although the figure for April was adjusted down to 147,000. The unemployment rate remained stable at 4.2%, while wage growth exceeded expectations, reaching 3.9% compared to the anticipated 3.7%. This data indicates a fundamental strength in the labor market. Additionally, investor sentiment improved with the news of a much-anticipated phone call between President Trump and Chinese President Xi Jinping, where both leaders agreed to resume stalled trade negotiations following prior accusations of reneged agreements. Despite the decline on Friday, gold has risen approximately 2% over the week, buoyed by safe-haven demand in response to the US implementing 50% tariffs on steel and aluminum imports.