Gold Slides on Strong US Jobs Data and Hawkish Fed Comments

Gold prices retreated significantly after a much stronger-than-expected US employment report increased the probability of further Federal Reserve rate hikes. Following the jobs data, San Francisco Fed President Mary Daly commented that the solid economy gives the central bank latitude to continue its work on bringing down inflation.

US Dollar Strengthens Broadly on Fed Outlook

The robust US jobs data fueled widespread strength in the US Dollar, causing currencies like the Australian Dollar to fall to its lowest level in months. While some Asian currencies like the Chinese Yuan showed potential for mild gains, central banks in Taiwan and Malaysia maintained cautious policy stances amid prevailing US Dollar strength.

Canada Updates Mineral Exploration Policy

The Canadian federal budget renewed its critical minerals strategy, which is set to support mining technology, research, and project funding. However, despite the extension of some tax relief measures, the budget reportedly left mineral explorers wanting more comprehensive support.