U.S. non-farm data boosts December rate hike expectations, gold prices drop

Affected by strong U.S. non-farm payroll data, the market expects the Federal Reserve to combat inflation through interest rate hikes. Gold prices softened in the early session, falling to around $4,060 per ounce.

U.S. employment growth was strong in October, the unemployment rate slightly decreased, and the consumer confidence index rose to a three-month high. The market anticipates that the Federal Reserve will raise interest rates in December.