Markets Digest Yesterday’s NFP Surprise as Gold Holds Above 4,320

Gold Holds Firm Above 4,320 as Markets Digest Yesterday’s NFP Data

December 17, 2025

Global markets continue to assess the impact of yesterday’s US Non-Farm Payrolls (NFP) release, which delivered mixed signals on the health of the US labor market and the future path of Federal Reserve policy.

US Labor Market Snapshot

• Non-Farm Payrolls: +64K (above expectations)

• Unemployment Rate: 4.6% (higher than expected)

While job creation exceeded forecasts, the unexpected rise in the unemployment rate highlighted underlying softness, reinforcing uncertainty around the durability of labor market strength.

Market Implications

The data reduced expectations for an aggressive near-term easing cycle, while simultaneously keeping downside economic risks on the radar. As a result, US dollar and Treasury yield reactions remained contained, reflecting a cautious market stance.

Gold Market Update

Gold prices are trading near $4,320, showing resilience despite stronger headline employment data. The metal continues to find support from:

• Elevated macro uncertainty

• Mixed economic signals

• Ongoing hedging demand amid shifting rate expectations

Gold’s stability suggests that investors remain focused on broader monetary and economic risks rather than short-term data volatility.

Outlook

As markets await further confirmation from inflation data and Federal Reserve communication, gold is likely to remain sensitive to shifts in rate expectations. A sustained rise in unemployment or softer inflation prints could reinforce the medium-term bullish bias.

Conclusion

Yesterday’s NFP report did not deliver a decisive directional signal but reinforced a cautious macro environment. Gold’s ability to hold above $4,320 underscores its continued appeal as a defensive asset amid policy uncertainty.

By Motasm Adel
Market Researcher and Analyst

Risk Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice. Financial markets involve risk, and past performance is not indicative of future results. Always conduct your own research before making investment decisions.