Kitco News: Gold prices see selling pressure as U.S. economy adds 165,000 jobs in October

After a slow summer, the U.S. labor market appears to be gaining significant momentum, putting renewed pressure on gold as investors focus on support at $4,000 an ounce. According to the Bureau of Labor Statistics, nonfarm payrolls rose by 165,000 last month, significantly beating consensus forecasts of around 60,000. The unemployment rate dropped to 4.1%, while economists had expected it to remain unchanged at 4.2%. Analysts had warned investors that the gold market could be sensitive to stronger-than-expected employment gains. Spot gold last traded at $4,046 an ounce, down 1% on the day.