Gold erases yearly gains as robust US jobs data fuels Fed rate hike bets

Strong US jobs data sparked rate hike fears, causing US stocks to plunge and Bitcoin to drop below $62K. Gold also erased its yearly gains as robust employment growth pressured non-yielding assets. While these trends triggered widespread asset repricing, Citigroup economists maintain their forecast for Fed rate cuts. This contrarian view suggests a potential shift in monetary policy that could impact speculative asset markets if future labor trends soften, highlighting the interconnectedness of crypto and traditional markets.