Strong non-farm employment raises concerns about interest rate hikes, spot gold falls over 3%

According to Jinshi reports, the United States achieved strong job growth again in May, raising concerns about a possible interest rate hike later this year, with spot gold falling more than 3% during the day. Stephen Brown, an economist at Capital Economics, stated that as long as there is no large-scale unemployment panic in the labor market this summer, the likelihood of the Federal Reserve implementing several interest rate hikes later in the year seems to be increasing. Meanwhile, the negotiations between the U.S. and Iran have stalled, and renewed conflicts in the Middle East continue to push up oil prices and exacerbate inflation concerns, further strengthening market expectations that the Federal Reserve may maintain higher interest rates for a longer period.