SPDR Gold Shares is trading 3.2% down today after a stronger-than-expected U.S. May jobs report reinforced expectations that the Federal Reserve will maintain higher interest rates for longer.
- The May Employment Situation report showed 172,000 jobs added with unemployment steady at 4.3%, signaling labor market resilience and reducing the likelihood of near-term rate cuts.
- Rising real yields and a firmer U.S. dollar are pressuring non-yielding assets, leading to significant outflows from gold-backed ETFs.
- While geopolitical tensions and equity volatility persist, the hawkish shift in monetary policy expectations remains the primary driver of today's downward price action.