Gold Drops Below $4500 on Strong Jobs Report Pressuring Rate-Cut Bets

In early US trading gold and silver prices eased after a stronger-than-forecast US jobs report lifted Treasury yields and the dollar, cooling rate-cut expectations. Gold changed hands near $4464.60 an ounce, off 0.24%, while silver stood at $73.32, down 0.77%. US employers added 172,000 positions in May versus the 80,000 consensus, with unemployment steady at 4.3%. The data reversed Thursday’s supportive tone for gold, sending equity futures lower after the Dow hit a fresh record and the Nasdaq slipped. Geopolitical risks around the Strait of Hormuz stay contained thanks to a ceasefire, keeping WTI crude at $92.41 and Brent at $94.67 a barrel. The dollar index firmed and the 10-year Treasury yield hovered near 4.5%. Technically gold faces immediate resistance at $4481.78 and support at $4428.44. Silver’s upside barrier lies at $74.10–74.45, with downside support at $72.00–71.80.