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Gold price see solid selling pressure as U.S. economy created 172k jobs in May

Gold price see solid selling pressure as U.S. economy created 172k jobs in May

KitcoKitco2026/06/05 12:42
By:Kitco

(Kitco News) - The gold market is seeing surging selling pressure as the U.S. economy created far more jobs than expected, raising expectations that the Federal Reserve has room to raise interest rates to cool inflation.

U.S. nonfarm payrolls rose by 172,000 last month, according to the Bureau of Labor Statistics. The monthly figure significantly exceeded consensus forecasts, with economists expecting job gains of around 85,000.

At the same time, April’s employment data saw a significant upward revision, with the government reporting that 179,000 jobs were created that month, compared with the initial estimate of 64,000.

Meanwhile, the unemployment rate held steady at 4.3%, in line with consensus forecasts.

The gold market has struggled for most of the week, as prices have been unable to hold gains above $4,500. The precious metal dropped sharply in its initial reaction to the better-than-expected labor market data. Spot gold last traded at $4,441.03 an ounce, down 0.77% on the day.

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