Gold prices fell sharply on Saturday, June 6, 2026. Spot gold dropped to a multi-month low of approximately $4,327 per ounce. The Bureau of Labor Statistics reported on Friday that the U.S. economy added 172,000 jobs in May. This figure more than doubled the 85,000 jobs economists had forecast.
The robust labor data shifted investor expectations for Federal Reserve monetary policy. Traders now price in a higher probability of an interest rate hike by year-end. This outlook reversed previous expectations of imminent rate cuts. Rising U.S. dollar values and Treasury yields reduced the appeal of non-yielding gold.
Gold prices fell as much as 2.9%, marking one of the steepest crashes of 2026. The sell-off erased all of the metal's price gains for the year. Analysts noted the report makes near-term Federal Reserve rate cuts highly unlikely. Higher interest rates increase the cost of carry for holding gold.