The US economy added 228 thousand new jobs in March, way above estimates of 137 thousand, but the previous reading was revised downward to show the addition of 117 thousand new jobs instead of 151 thousand. 

US average hourly earnings rose 0.3% in March as expected, same as the previous reading. 

US unemployment rose to 4.2% in March, above estimates of 4.1%, and up from 4.1% in February. 

Gold prices declined in European trade on Friday on track for the second loss in a row, moving away from record highs and giving up $3100 on profit-taking. 

The prices are also pressured as the dollar stabilized before crucial US payrolls today, which could provide clues on the odds of Fed rate cuts this year.

The Price

Gold prices fell 1.2% today to $3078 an ounce, with a session-high at $3116.

On Thursday, gold lost 0.65% on profit-taking away from a record high at $3167.

US Dollar

The dollar index rose 0.6% on Friday on track for the first profit in three days away from six-month lows at 101.27 against a basket of major rivals.

The dollar’s rebound comes as investors continue to assess the impact of Trump’s tariffs on the global economy.

US Rates

According to the Fedwatch tool, the odds of a 0.25% Fed Rate cut in Macy rose to 28%.

The odds of such a cut in June surged to 92%.

The crucial US payrolls report is awaited later today, with the economy expected to have added 137 thousand new jobs in March, down from 151 thousand in February, with unemployment expected unchanged at 4.1%.

SPDR

Gold holdings at the SPDR Gold Trust rose 4.3 tons on Thursday to a total of 936.24 tons, the highest since June 2023.