After Asian-session losses, international gold extended declines into European
trade on the 10th, briefly dipping below $4,200/oz. As of 17:15 Beijing time,
NYMEX August gold futures were $4,188.70/oz, down 2.28%, leaving gold down 3.51%
YTD. Traders pointed to Friday’s US nonfarm payrolls, which beat expectations
and signaled labor-market resilience, and inflation upside from the Middle
East; markets have increased bets on a Fed shift toward tightening in H2. CME
FedWatch prices roughly a 70% chance of at least a 25bp Fed hike by year-end. A
Fed rate rise would weaken the appeal of non‑yielding assets such as gold.
