Gold falls after the solid report of the US NFP

• Gold falls 0.80% to $ 3,332 while solid employment data boost the US dollar.
• The unemployment rate is close to 4%, challenging the weak contracting observed in the ADP report.
• The operators now discount only two Fed feat cuts in 2025, compared to 65 basic points previously.
• Besent: The decision about the Fed rates is theirs; Powell’s successor will be chosen in autumn.

The price of gold fell 0.80% on Thursday, since a strong report of non -agricultural payrolls of the United States strengthened the US dollar, taking market participants to believe that it is unlikely that the Fed can cut rates at the July meeting. At the time of writing, the XAU/USD quotes at $ 3,332, having reached a daily maximum of $ 3,365.

The June US Employment Report exceeded estimates and also exceeded May figures. It should be noted that the unemployment rate fell towards the threshold of 4%, indicating that the labor market remains solid. The data question the National Employment Change Report on Wednesday, which showed that private companies decreased hiring in -33K.

As a result, the US dollar rose, backed by an increase in the yields of the US Treasury bonds. Future data in the money market showed that investors are discounting two rate cuts by the end of 2025, in contrast to the 65 basic points of relief, discounted in early July.

The data reaffirmed the position of the Federal Reserve (FED) to maintain stable rates until you see signs of weakness in the labor market or a resumption of the deflationary process.

Apart from this, the US Treasury Secretary, Scott Besent, announced that more commercial agreements are expected, after the announcement of the agreement with Vietnam. He added that the Fed is the one that decides on the rates and suggested that the administration would begin working on Powell’s replacement in autumn.

Meanwhile, the US House of Representatives approved Trump’s “One Big Beautiful Bill” to a final vote. The fiscal budget is expected to increase US debt by 3.3 billion dollars during the next decade.

What moves the market today: the price of gold is withdrawn while US yields and the US dollar advance

• The price of gold is on the defensive while the yields of the US Treasury bonds and the US dollar rises. The 10 -year Treasury bonus yield from the US has risen five basic points to 4,334%. The real US yet yields have also risen five basic points to 2,034%. In addition, the US dollar index (DXY), which tracks the yield of the dollar against a basket of currencies, has risen 0.34% to 97.10.
• The US Labor Statistics Office (BLS) reported that the economy added 147,000 jobs in June, slightly above the expectations of 110,000 and above the number of May 144,000. The unemployment rate decreased to 4.1% from 4.2%. The data support the cautious and waiting approach of the president of the FED, Jerome Powell, while the Central Bank monitors the possible inflationary impact of commercial tariffs.
• Initial unemployment applications for the week that ended on June 28 fell to 233,000, below the 240,000 expected and less than the reading of the previous week, indicating a resistant labor market. Meanwhile, the ISM services PMI rose to 50.8 in June from 49.9 in May, indicating that the sector has returned to the expansion territory.
• Apart from this, it is likely that the US House of Representatives approve the Donald Trump Fiscal Package bill on Thursday. Once this is done, this will allow Trump to comply with his self -imposed term of July 4 to sign the bill.
• The president of the Atlanta Fed, Raphael Bostic, said it favors a waiting position and seeing in monetary policy due to uncertainty about economic policy. He added that price increases, related to tariffs, could cause an increase in inflation readings during the next year.
• The World Gold Council said that central banks added 20 tons of yellow metal in May, being Kazakhstan the leader. The National Bank of Kazakhstan reported 7 tons, followed by the Central Bank of Türkiye, which reported 6 tons, together with the National Bank of Poland.
• Monetary markets suggest that operators are discounting 50 basic relief points towards the end of the year, according to Prime Market Terminal data.

Xau/USD technical perspective: The price of gold is listed laterally about $ 3,350

The price of gold is prepared to consolidate in the midst of the lack of commitment of buyers to conquer the figure of $ 3,400, despite the fact that the price action continues to exhibit a successive series of higher and higher minimums. However, operators must exceed the maximum of June 16 by $ 3,452 if they want to challenge the historical maximum of $ 3,500 in the short term.

On the contrary, if the Xau/USD falls below $ 3,300, the following support would be the minimum of June 30, $ 3,246.