U.S. Employment Data Spurs Fed Hawkish Outlook, Sends Gold Lower, Oil Higher

U.S. non‑farm payrolls added 172,000 jobs, far above expectations, reinforcing a view that the Federal Reserve will keep rates higher for longer. The strong labour market lifted the dollar and pushed 10‑year Treasury yields above 4.5%, pressuring interest‑rate‑sensitive assets. Gold fell sharply, with spot prices sliding to about $4,293 per ounce and Turkish gram gold dropping to 6,370 lira. Silver slipped to roughly $67.6 an ounce. At the same time, renewed Iran‑Israel tension in the Middle East revived supply concerns, sending Brent crude above $97 a barrel, up more than 4% on the week. The combined effect was a broad sell‑off in precious metals and a rally in energy commodities, while other industrial metals such as copper and aluminum also saw modest declines. Currency markets reflected the shift, with the dollar strengthening against the euro, pound and yen, and commodity‑linked currencies weakening. Analysts warned that further strong U.S. data or heightened geopolitical risk could keep markets volatile.