On December 5, employment consulting firm Challenger, Gray & Christmas reported that U.S. employers announced 71,320 job cuts in November, down 53% from October's 153,070 but still up 24% year-over-year. From January to November, cumulative job cuts reached 1.17 million, a 54% increase compared to the same period last year—marking the highest level since 2020.
The report noted this was the sixth time since 1993 that cumulative job cuts exceeded 1.1 million by November. November's total was the highest for the month since 2022 (76,835 cuts) and marked the eighth month this year with higher layoffs than the prior year. Andy Challenger, workplace expert and Chief Revenue Officer at Challenger, commented, "While the decline in job cuts last month is a positive sign, it’s worth noting that only 2022 and 2008 saw November layoffs surpass 70,000 since 2008."
Meanwhile, the World Gold Council (WGC) reported that gold has performed strongly in 2025, repeatedly setting new records. At current levels, prices could rise another 15%–30% in 2026. Driven by U.S. tariff policies and geopolitical tensions, investors have flocked to gold as a traditional safe-haven asset, pushing prices up roughly 60% year-to-date. Central bank purchases and shifting interest rate policies have also significantly influenced gold's trajectory. The WGC stated, "Lower Treasury yields, elevated geopolitical risks, and heightened safe-haven demand create a strong tailwind for gold, potentially lifting prices 15%–30% from current levels."
Key data to watch today include the Eurozone’s final Q3 GDP growth rate, Canada’s November employment change, U.S. September personal spending, the preliminary December Michigan Consumer Sentiment Index, and the U.S. September PCE price index.
**Gold/USD** Gold traded sideways yesterday, closing slightly higher near 4,219. Short-covering and persistent Fed rate cut expectations provided support, though improved risk sentiment and strong U.S. economic data capped gains. Resistance is eyed at 4,260, with support at 4,170.
**USD/JPY** The pair dipped modestly to 154.60, pressured by Fed rate cut expectations and renewed Bank of Japan rate hike speculation. Solid U.S. data limited losses. Resistance lies at 155.50, with support at 153.50.
**USD/CAD** The pair edged up to 1.3950, supported by short-covering and a rebound in the USD amid upbeat data. However, Fed rate cut bets and higher oil prices restrained gains. Resistance is at 1.4050, support at 1.3850.
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