Commodity Prices Plunge as Strong US Jobs Data Dents Fed Rate Cut Hopes

Gold, silver, and oil prices experienced significant declines on Thursday, with gold falling over 2%, silver 7%, and oil nearly 3%. This broad sell-off is primarily attributed to traders pushing back expectations for an early Federal Reserve interest rate cut. Stronger-than-expected US employment data served as the catalyst for this shift in market sentiment. The robust job figures suggest the Fed may maintain higher rates for longer, diminishing the appeal of non-yielding assets like gold. Consequently, the outlook for commodities remains bearish amidst evolving monetary policy expectations.