Gold was quoted below $4,100 in FXStreet’s pre-release snapshot, while the U.S. jobs report later showed a 165,000 October payroll gain, well above the outlet’s cited estimate.
At 3:59 a.m. ET (08:59 GMT) Friday, FXStreet placed the metal between $4,070 and $4,075 per troy ounce during early European trading. It linked bullion’s decline to a firmer dollar and expectations of higher interest rates.
The U.S. Bureau of Labor Statistics (BLS) reported at 8:30 a.m. ET Friday, Nov. 6, that nonfarm payrolls increased by 165,000 in October and unemployment was 4.1%. FXStreet’s pre-release preview cited expectations of a 65,000 gain and 4.2% unemployment.
Average hourly earnings for private nonfarm workers reached $38.00 after rising 14 cents, or 0.4%, in October, the BLS said. Earnings were up 3.1% over 12 months. The agency’s revised count shows 186,000 jobs added in August, up from 133,000, and 60,000 in September, up from 29,000.
On Oct. 28, the Fed maintained its target range for the federal funds rate at 3.75%-4%. Two of the 12 voting members preferred a quarter-point increase. The Federal Open Market Committee (FOMC) said, “Inflation remains elevated.”
The BLS is scheduled to publish its November employment report Dec. 4 at 8:30 a.m. ET. The Fed’s next meeting is set for Dec. 8-9.
