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      Gold Prices Struggle to Rebound Following Weak US Jobs Report

      Gold prices have faced challenges in gaining momentum despite a weaker-than-expected US jobs report released last week. The non-farm payrolls data for September indicated an increase of only 29,000 jobs, significantly below the anticipated 90,000, while the unemployment rate rose to 4.2%. This data typically would suggest a favorable environment for gold, as it cooled expectations for further interest rate hikes by the Federal Reserve.

      However, the bond market's reaction has hindered gold's performance. Following the jobs report, 10-year Treasury yields briefly dipped to 5.16% but quickly rebounded to around 5.26%, remaining near multi-decade highs. Elevated yields create a higher opportunity cost for holding non-yielding assets like gold, which has contributed to the metal's inability to capitalize on the softer economic data.

      Currently, gold is trading just below $4,140, not far from late September lows of approximately $4,115-20. This price range coincides with a significant technical level, the 78.6% Fibonacci retracement from a previous price swing. Analysts suggest that if gold falls below this level, it could signal further weakness, potentially bringing the psychological $4,000 mark into focus. The near-term outlook remains challenging, with gold struggling to maintain momentum above key moving averages, indicating that sellers are still in control.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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