US Jobs Smash Forecasts, Sending Gold and Bitcoin Lower

Gold and Bitcoin (BTC) fell and the dollar jumped after the US jobs report showed 165,000 new jobs in October, nearly three times forecasts. The data landed five weeks before a Federal Reserve meeting where traders already priced a likely rate hike. The moves were small, but they all pointed the same way. Strong hiring gives the Fed room to raise rates, which tends to lift the dollar and weigh on assets that pay no interest, such as gold and Bitcoin. How Gold, Bitcoin, and the Dollar Reacted to the Jobs Report? Gold took the sharpest hit. It dropped to about $4,032 an ounce within minutes of the 8:30 a.m. ET release, down from roughly $4,062 just before. It later recovered to about $4,050. The drop extends a long slide.

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