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Gold falls back but holds on well considering
The reaction to the much better than forecast US jobs report has seen US treasury yields rise by around 0.10% and that has pushed the US money markets to reprice the depth and extent of any upcoming Fed cuts this year. This data sure has thrown a spanner into the works for that. Gold reacted immediately to the data, falling below $2,640 on the news. The rise in yields have also pushed the metal immediately lower. However, seeing as the weekend is looming and in real terms the reaction in gold was actually not quite as savage as one might have expected. It has not yet handed back $20 from where it was trading leading into the jobs report. Perhaps it may yet fall back further, but if it does not, then it is safe to assume what the reason will be- weekend geopolitical risk. Gold is just now trading at $2,640.75
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