In October, the United States added 12,000 non-farm jobs, estimated to increase by 105,000, with the previous value revised down by 31,000 to 223,000. This is the lowest monthly job growth since December 2020.
The unemployment rate in the United States for October is 4.1%, estimated at 4.1%, with the previous value at 4.1%.
The 10-year Treasury yield in the U.S. plummeted, dropping over 0.6%. The 2-year Treasury yield fell more than 1.6%.
After the non-farm data was released, the dollar index fell sharply, reporting at 103.8.
The non-farm report clearly fell short of expectations, prompting the market to reconsider the possibility of a significant interest rate cut in the November or December meetings, which will pressure the recently strong dollar and drive gold prices to further historical highs, potentially reaching $2800 per ounce.
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