How jobs reports impact gold
The Employment Situation report gives the unemployment rate and payroll counts for the month before.
A weaker report can lead markets to price lower interest rates, which lowers the cost of holding gold; a stronger one can do the reverse.
Over the last 12 months in the record, the unemployment rate stayed between 4.1% and 4.5%, while gold's monthly average swung between −7.8% and +10.6%.
This record carries the unemployment rate but not payrolls, so it cannot show how gold met the headline jobs number.
An explainer from the chart's Learn library. What the record did, not a forecast.
Updated Oct 2026 · record through Oct 2026