U.S. nonfarm payrolls data raised expectations of a December rate hike, and gold prices were soft in the early session

November 9 (UTC+8), affected by strong U.S. non-farm employment data, the market increasingly expects the Federal Reserve to raise interest rates in December, and the gold price pullback continues. After falling 0.4% on Friday, the gold price is now around $4,060 per ounce. U.S. employment growth in October was strong, with the unemployment rate slightly declining, and the consumer confidence index rose to a three-month high at the beginning of November. Before the December meeting, the Federal Reserve will receive another employment report and a series of inflation data; given that energy prices remain high and are pushing up overall prices, the market generally expects an interest rate hike. Hebe Chen, market analyst at Vantage Global Prime, said: "After the midterm elections, the sharp fluctuations in gold prices highlight the two opposing forces gold faces: on one hand, its safe-haven attribute remains solid; on the other hand, the persistent strength of the U.S. dollar strongly constrains its upward potential."