US Jobs Report Sparks Rate Hike Fears, Slams Gold Miners and Cryptos

The US jobs report released on Friday showed a strong labor market, which sent shockwaves through the financial markets. Nonfarm payrolls surged by 162,000 last month, exceeding the consensus forecast of 55,000.

This unexpected growth in employment has raised expectations for monetary policy tightening, with implied odds of a Fed rate hike next week increasing to 60% from 52%. The Labor Department's report also highlights the resilience of the US economy, which may lead to sustained or higher yields.

The prospect of rising yields has shaken non-yielding assets, including gold and cryptocurrencies. Major gold miners such as Barrick Gold Corp (), Newmont Corp (), Agnico Eagle Mines (), Kinross Gold Corp (), Royal Gold Inc (), and Gold Fields Ltd (.) faced broad selling pressure.

Pure-play bitcoin miners also suffered losses, with declines across MARA Holdings Inc (), Riot Platforms (), CleanSpark Inc (), Core Scientific Inc (), Hut 8 Corp (NASDAQ:HUT), Cipher Mining Inc (), IREN Ltd (), and Bitdeer Technologies Group ().