According to CoinMeta, the U.S. non-farm payroll data in October exceeded expectations, causing spot gold to plummet by more than $30 in a short period, currently trading at $4,042 per ounce. The strong performance of the job market directly shattered market expectations of an economic slowdown, and the persistent strong demand for labor provided solid support for the Federal Reserve to maintain its high-interest-rate policy. This data significantly diminished the necessity for interest rate cuts in the short term, prompting funds to withdraw from safe-haven assets. The U.S. dollar index gained a strong boost, which in turn exerted direct pressure on gold prices. The market is re pricing the path of monetary policy, and the expectation of a continued high-interest-rate environment will continue to put downward pressure on the precious metals market.