Commodities
Gold Futures Reversal: Weak US Payrolls Sink Prices
Gold futures have reversed earlier gains and are now trending lower due to weak US payrolls. The Labor Department reported just 29K jobs were created in September, falling short of expectations. This news caused a selloff in U.S. Treasurys.
The SPDR Gold Shares ETF (GLD) is reflecting this trend as its price has turned lower. The market had previously seen gains following the employment report, but these have been short-lived.
Gold futures are known to be sensitive to economic data, particularly US payrolls. A strong jobs report can boost gold prices due to increased investor interest in safe-haven assets.