The U.S. economy added 261,000 jobs in October, topping expectations calling for a gain of 200,000 payrolls, a sign that the labor market remains extraordinarily resilient.
Gold prices could recover in the near term if the Federal Reserve embraces a less hawkish posture and signals that it will raises rates less forcefully in the future amid growing economic risks.
The Fed raised its benchmark rate by three-quarters of a percentage point to 3.00-3.25%, delivering the third straight 75 basis-point hike in an effort to curb strong inflationary pressures.
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