Gold Plunges to 2026 Low

2026-06-05 12:50 By Joana Ferreira 1 min. read

Gold prices dropped below $4,370 per ounce on Friday, reaching their lowest level of 2026 and heading for a weekly decline of nearly 4%, as a stronger-than-expected US jobs report and ongoing Middle East uncertainty heightened inflation and interest rate concerns.

The May nonfarm payroll report revealed the US economy added 172,000 jobs, significantly above the forecasted 85,000, while the unemployment rate held steady at 4.3% and annual wage growth moderated to 3.4%, in line with expectations.

This prompted investors to increase bets on a Federal Reserve interest rate hike, with markets now pricing in a quarter-point increase by year-end.

Meanwhile, investors closely monitored developments in the Middle East, where US President Donald Trump stated that peace negotiations were nearing their final stage.

However, Iran’s Foreign Minister dismissed any meaningful progress, and Iran-backed Hezbollah rejected a US-mediated ceasefire proposal.



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