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

iShares S&P/TSX Global Gold Index ETF is trading at $51.11 (-5.3%) after a stronger-than-expected U.S. employment report prompted traders to price in a more hawkish Federal Reserve path.

• The U.S. added 172,000 jobs versus the 85,000 expected, reinforcing higher-for-longer rate expectations which typically reduce demand for non-yielding assets like gold.
• Broader market weakness is amplifying the decline, with the Nasdaq and other risk assets selling off amid a general risk-off backdrop.
• The hawkish shift in sentiment is weighing heavily on gold miners and gold-linked ETFs as investors recalibrate expectations for future interest rate cuts.