🔴 iShares S&P/TSX Global Gold Index ETF is trading 5.3% down today after strong U.S. jobs data boosts rate expectations

iShares S&P/TSX Global Gold Index ETF is trading sharply lower at CA$51.11, down 5.3% from its previous close of CA$53.94, as robust U.S. employment figures shift interest rate expectations.

• The U.S. economy added 172,000 jobs in May, significantly exceeding the 85,000 forecast, reinforcing the view that the Federal Reserve may keep interest rates higher for longer.
• Higher interest rate expectations typically weigh on gold prices and gold-mining equities, pressuring gold-focused funds even as broader markets show a risk-off tone.
• The ETF, which tracks the S&P/TSX Global Gold Index, is seeing increased selling pressure as the hawkish data diminishes the appeal of non-yielding assets.