Gold prices fell sharply today after the BLS (Bureau of Labor Statistics) revealed that 339,000 new nonfarm payroll jobs were added last month, well above Wall Street estimates that predicted an increase in May of 190,000 new jobs.

Gold futures basis the most active August 2023 Comex contract is currently trading up $13.40 or 0.67% and fixed at $1995.50. The less likely risk of a default by the largest creditor in the world has added to the bullish sentiment in gold.

Conflicting market forces have had a strong impact on gold pricing, inflation, and higher rates. This is because higher inflation creates bullish market sentiment in gold, while higher interest rates create bearish market sentiment.