Gold Suffers Biggest One Day Drop Since March

Gold plunged 3.3% on Friday, falling $148 to $4,353.90 after a surprisingly strong U.S. jobs report crushed expectations for a near term Fed rate cut.

What happened?

• May payrolls: 172,000 vs 88,000 expected

• Unemployment held at 4.3%

• Previous months were revised sharply higher

• U.S. Dollar Index reclaimed the 100 level

Stronger economic data reduces pressure on the Fed to cut rates. Higher for longer rates and a stronger dollar are typically bearish for gold.

The technical damage was significant:

• Gold fell below its 200-day moving average

• First close below that level since November 2023

• Gains made during 2026 were effectively erased

Markets were positioned for easier monetary policy. Friday's jobs report forced a rapid reset of those expectations, shifting momentum away from gold and back toward the dollar

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