On June 10, SPDR Gold Trust (GLD) fell 3.27% in regular trading, trading at $378.04/share, with trading volume of $1.829 billion. Spot gold plunged below $4,200/oz, hitting a three-month low near $4,131/oz intraday.
The selloff was triggered by the U.S. May non-farm payrolls report released on June 5, which showed 172,000 new jobs added — far exceeding the 88,000 consensus estimate. Combined with upward revisions totaling 93,000 for March and April, and unemployment steady at 4.3%, the labor market demonstrated resilience that effectively killed rate-cut expectations. CME rate futures now price a nearly 70% probability of at least one 25bp rate hike by year-end, with annual rate-cut expectations fully eliminated.
The U.S. dollar index surged above 100, while 10-year Treasury yields climbed to 4.55%, sharply raising the opportunity cost of holding non-yielding gold. Notably, traditional safe-haven demand failed to support prices despite a U.S.-Iran military incident over the weekend, as markets assessed the conflict as contained and macro tightening forces dominated.
SPDR Gold Trust is an investment trust whose objective is for shares to reflect the performance of the price of gold bullion, less expenses. The Trust creates and redeems shares in baskets of 100,000 through authorized participants in exchange for physical gold delivery.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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