🔴 abrdn Physical Gold Shares ETF is trading 3.2% down today as gold retreats on strong U.S. jobs data and hawkish Fed outlook

abrdn Physical Gold Shares ETF is trading 3.2% down today as gold prices retreat following a stronger-than-expected U.S. Employment Situation report.

• The May jobs report showed 172,000 positions added with unemployment holding steady at 4.3%, signaling a resilient labor market.
• Traders now expect the Federal Reserve to maintain higher interest rates for a longer period, which has boosted real yields and the U.S. dollar.
• Higher yields and a stronger dollar are putting significant pressure on non-yielding assets like gold and gold-backed ETFs.