{"id":128135,"date":"2026-06-08T13:37:08","date_gmt":"2026-06-08T09:37:08","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=128135"},"modified":"2026-06-08T13:37:12","modified_gmt":"2026-06-08T09:37:12","slug":"gold-crashes-to-11-week-low-as-hot-jobs-data-cements-december-fed-rate-hike-iran-israel-escalation-adds-to-pressure","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/gold-crashes-to-11-week-low-as-hot-jobs-data-cements-december-fed-rate-hike-iran-israel-escalation-adds-to-pressure\/06\/08\/market-updates\/","title":{"rendered":"Gold Crashes to 11-Week Low as Hot Jobs Data Cements December Fed Rate Hike: Iran-Israel Escalation Adds to Pressure"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Takeaways<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Gold at 11-week low:<\/strong> Spot gold fell 0.8% to $4,296.08 per ounce \u2014 its weakest level since March 23; gold futures dropped 1% to $4,322.60.<\/li>\n\n\n\n<li><strong>Friday&#8217;s 3% slump extended:<\/strong> The yellow metal suffered its worst single-day decline in months on Friday&#8217;s payrolls shock.<\/li>\n\n\n\n<li><strong>Jobs data crushes rate cut hopes:<\/strong> The U.S. added 172,000 jobs in May \u2014 well above forecasts \u2014 while unemployment held steady at 4.3%.<\/li>\n\n\n\n<li><strong>December rate hike now fully priced:<\/strong> &#8220;We now have a rate hike fully priced at the December FOMC meeting,&#8221; ING analysts said.<\/li>\n\n\n\n<li><strong>Treasury yields and dollar surge:<\/strong> Both rose sharply on Friday; the DXY held near a two-month high Monday.<\/li>\n\n\n\n<li><strong>Israel strikes Iranian energy infrastructure:<\/strong> Israel targeted military sites in western and central Iran and hit a petrochemical facility near Mahshahr \u2014 the most significant attack on Iranian energy-linked infrastructure since the April ceasefire.<\/li>\n\n\n\n<li><strong>Iran&#8217;s retaliation:<\/strong> Tehran launched multiple missile barrages at Israel in response to an Israeli strike on Beirut&#8217;s outskirts.<\/li>\n\n\n\n<li><strong>Oil surges nearly 5%:<\/strong> Crude&#8217;s rally amplifies global inflation concerns, further squeezing gold&#8217;s appeal.<\/li>\n\n\n\n<li><strong>Safe-haven paradox:<\/strong> Geopolitical tensions would typically lift gold, but the firm dollar and rate hike fears are overpowering that effect.<\/li>\n\n\n\n<li><strong>Silver falls 1.2%:<\/strong> To $677.00 per ounce.<\/li>\n\n\n\n<li><strong>Platinum slips 0.9%:<\/strong> To $1,764.58 per ounce.<\/li>\n\n\n\n<li><strong>Copper mixed:<\/strong> LME copper edged up 0.3% to $13,543.33 per ton; U.S. copper futures fell 0.1%.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Gold prices extended losses on Monday, hitting their lowest in 11 weeks, as robust U.S. jobs data reinforced expectations of higher-for-longer Federal Reserve interest rates, while a rebound in oil prices amid renewed Gulf hostilities fueled inflation concerns.<\/p>\n\n\n\n<p>Spot gold was last down 0.8% at $4,296.08 an ounce by 02:49 ET (06:49 GMT) \u2014 reaching its lowest since March 23.<\/p>\n\n\n\n<p>U.S. gold futures for August delivery slipped 1% to $4,322.60 per ounce.<\/p>\n\n\n\n<p>The precious metal slipped more than 3% on Friday as investors reassessed the outlook for U.S. monetary policy following stronger-than-expected labor market data.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Strong U.S. Jobs Data Reinforces Fed Hike Bets<\/h2>\n\n\n\n<p>Data released on Friday showed the U.S. economy added 172,000 jobs in May \u2014 well above economists&#8217; forecasts \u2014 while the unemployment rate held steady at 4.3%.<\/p>\n\n\n\n<p>The report prompted traders to scale back expectations for a Federal Reserve rate cut this year, pushing Treasury yields and the U.S. dollar higher and reducing the appeal of non-yielding assets such as gold.<\/p>\n\n\n\n<p>&#8220;Despite the lack of consistent messaging in the labour market data, we now have a rate hike fully priced at the December FOMC meeting,&#8221; ING analysts said in a recent note.<\/p>\n\n\n\n<p>The U.S. Dollar Index traded largely flat in Asian trading on Monday after surging to a two-month high in the previous session.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Israel-Iran Tensions Escalate; Oil Surges<\/h2>\n\n\n\n<p>Israel on Monday said it had targeted military sites in western and central Iran, as well as a petrochemical facility near Mahshahr \u2014 marking a significant attack on Iranian energy-linked infrastructure since a ceasefire was reached in April.<\/p>\n\n\n\n<p>The move came after Iran launched several rounds of missiles toward Israel in response to an Israeli strike on the outskirts of Beirut.<\/p>\n\n\n\n<p>Oil prices surged nearly 5% on Monday, adding to concerns that higher energy costs could complicate the global inflation outlook.<\/p>\n\n\n\n<p>While gold traditionally benefits from safe-haven demand during periods of geopolitical uncertainty, the metal was pressured by a firmer dollar amid growing Fed rate hike expectations.<\/p>\n\n\n\n<p>Among other precious metals, silver prices fell 1.2% to $677.00 per ounce, while platinum slipped 0.9% to $1,764.58 per ounce.<\/p>\n\n\n\n<p>Benchmark copper futures on the London Metal Exchange edged up 0.3% to $13,543.33 a ton, while U.S. copper futures fell 0.1% to $6.28 a pound.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Gold at 11-week low: Spot gold fell 0.8% to $4,296.08 per ounce \u2014 its weakest level since March 23; gold futures dropped 1% to $4,322.60. Friday&#8217;s 3% slump extended: The yellow metal suffered its worst single-day decline in months on Friday&#8217;s payrolls shock. Jobs data crushes rate cut hopes: The U.S. added 172,000 &hellip;<\/p>\n","protected":false},"author":9,"featured_media":128086,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,37,36],"tags":[],"class_list":["post-128135","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-forex-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/128135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=128135"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/128135\/revisions"}],"predecessor-version":[{"id":128136,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/128135\/revisions\/128136"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/128086"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=128135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=128135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=128135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}