Gold is down. The jobs report was strong. Fed rate cut expectations are lower. And inflation is already priced in to many sectors.

March added 178,000 jobs, the most since Dec 2024, and unemployment dipped to 4.3%. That’s the good news.

The bad news: a resilient labor market combined with $115 oil kills the case for rate cuts, and markets know it. Gold fell on the data.

The first CPI report to include post-war data drops Thursday. Inflation-linked sectors are already trading at higher multiples.

Sources: Reuters, AP, NBC News, Bloomberg