London gold drops 3.9% after strong US jobs data lifts Fed hike bets

SPX XAU Fed funds (upper)Payrolls

London gold fell 3.9% on June 5, 2026, its lowest 3pm auction price since the first trading day of the year. Non-farm payrolls rose by 172,000, about twice consensus, and CME futures priced a 50-50 chance of a rate rise by November. For traders, the move showed how quickly a hot jobs print can turn gold lower through rate expectations.

London gold down 3.9% on the day
Non-farm payrolls: +172,000, about twice forecast
CME pricing: 50-50 odds of a November rate hike

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Moves this explains

NVDA−5.72%Jun 4 · Fell 5.72% as the S&P 500 dropped 2.6% in its worst day since October after strong US jobs data raised bets on Fed rate hikes; this was broad risk-off rather than company news.SPX−2.35%Jun 4 · Fell about 2.4% in our daily bars, the worst day since October, after a strong jobs report raised bets on Fed rate hikes. The selloff was a broad risk-off move driven by rate-hike expectations.SPY−2.42%Jun 4 · Fell about 2.4% in our daily bars, the worst day since October, after a strong jobs report raised bets on Fed rate hikes. The selloff was a broad risk-off move driven by rate-hike expectations.XAU−3.10%Jun 4 · Fell 3.1% after a strong US jobs report lifted bets on Fed rate hikes. Higher expected rates raise the opportunity cost of holding non-yielding gold, and the sell-off came the same day as a 2.6% drop in the S&P 500.BTC−4.43%Jun 4 · Fell 4.4% and broke below $60,000 after a stronger-than-expected US jobs report pushed traders to price in possible Fed rate hikes. The S&P 500 fell 2.6% that day, its worst session since October, so bitcoin moved with the broader risk-off selloff.ETH−10.59%Jun 4 · Fell 10.6% after May payrolls of 172,000, roughly double forecasts, pushed traders to price in Fed rate hikes. The S&P 500 fell 2.6% and bitcoin dropped below $60,000; a Zcash security bug also hit privacy coins.MSFT−3.54%Jun 4 · Fell 3.5% in a broad risk-off day: the S&P 500 dropped 2.6%, its worst session since October, after strong jobs data raised bets on Fed rate hikes. The move was driven by the market rather than a Microsoft-specific event.TSLA−6.10%Jun 4 · Fell 6.1% on the day the S&P 500 dropped 2.6% in its worst session since October, after strong jobs data raised rate-hike bets. This was a broad risk-off move that hit Tesla along with the market.XAG−8.23%Jun 4 · Silver fell 8.23% to a close of 67.80 on the day the May jobs report showed 172,000 jobs added and unemployment at 4.3%. Gold fell 3.10%, the Nasdaq-100 proxy QQQ 4.68% and bitcoin 4.43%, while the S&P 500 fell 2.35%. Reports tie the decline to the strong data, which lifted Fed rate-hike bets.HG−3.05%Jun 4 · Copper fell 3.05% in a broad risk-off day: S&P 500 -2.35%, Nasdaq-100 -4.68%, gold -3.10%, silver -8.23%, AMD -10.84% and Micron -11.56%. Reports tie the move to a strong May jobs report (+172k) that lifted Fed rate-hike bets, which also drove gold down 3.9%.ORCL−10.34%Jun 4 · ORCL fell 10.34% on 5 Jun in a broad selloff as the May jobs report (172k jobs added, unemployment 4.3%) lifted Fed hike bets: the S&P 500 lost 2.35%, QQQ 4.68%, gold 3.10%, bitcoin 4.43% and Micron 11.56%. Coverage ties the jobs data to the gold and bitcoin declines, so the cause is macro rather than Oracle-specific.COIN−7.59%Jun 4 · Coinbase fell 7.6% on a hot US jobs report: 172k jobs added in May, which lifted Fed hike bets. QQQ fell 4.7%, ether -10.6%, bitcoin -4.4%, gold -3.1%, and the S&P 500 -2.4%.HOOD−6.73%Jun 4 · Robinhood fell 6.73% on 2026-06-05 after the May jobs report (172k jobs, unemployment 4.3%) lifted Fed hike bets: the S&P 500 fell 2.35%, QQQ 4.68%, ether 10.59% and bitcoin 4.43%. Reports also document bitcoin falling below $60,000 and a gold drop the same day.

Source

BullionVault

Jun 5, 2026

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