Once the non-farm payroll data is released, gold bulls are immediately stunned, and the rate cut expectations are shattered. This wave of correction probably isn't over yet.

U.S. non-farm payrolls in May significantly exceeded expectations, causing market concerns about the Federal Reserve's prospects of cutting interest rates again this year; AI and tech stocks fell sharply, gold and silver plummeted, and some investors reduced their gold holdings to offset losses. Analysts say that strong data dims the outlook for rate cuts, and the Middle East situation along with high energy prices increase the holding costs of gold.