The US NFP report for April turned out to be a massive disappointment. Markets expected addition of around 1 million jobs while the actual reading showed a gain of only 266 thousand. US dollar plunged on the release as the report hints that monetary policy tightening is still some time away. Markets are now pricing the first FED rate hike no earlier than mid-2023.
Gold prices benefited from such a weak reading and jumped more than $20 per ounce during the 20 minute period following NFP release. In turn, precious metal trades at the highest level in 3 months.
Source: xStation5
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