Gold Prices Plunge After Surprise US Jobs Report

The US employment data for August revealed stronger-than-expected numbers, causing a selloff in gold and silver prices. Employers created 162,000 new positions, surpassing expectations of 56,000, with an unemployment rate remaining at 4.1%.

According to Ian Cooper, the resilient jobs uptick raised the chances of another Fed rate hike, making it more expensive to hold gold. However, inflation and geopolitical demand may change this outlook.

Ash Crypto noted a significant drop in gold and silver prices, with $790 billion vanishing from their value in under 15 minutes. Bull Theory estimated losses at $835 billion over 25 minutes, suggesting a market reset.