Gold Falls Toward $4,000 Support Following Strong U.S. October Payrolls Report

Gold traded under persistent selling pressure on Friday, with gold futures near $4,059 per ounce after spot prices pulled back from the $4,100 level and tested support toward $4,000. Bullion dropped as much as 1% to around $4,046 and $4,050.95 following robust U.S. employment data. Nonfarm payrolls surged by 165,000 in October, beating consensus forecasts of 60,000 to 65,000. The unemployment rate dropped to 4.1%, while average hourly earnings climbed 0.4% month-over-month. The strong data boosted Treasury yields, with the two-year yield rising 6 basis points to 4.53%, dampening expectations for Federal Reserve monetary easing.