Spot gold falls over 1% to $4,041.89/oz after US nonfarm payrolls data

Gold's slide alongside a rising 10-year yield and a firmer dollar points to a rates-and-currency story rather than a shift in gold's own demand narrative: the payrolls print moved the macro inputs that typically pressure the metal. The read-through lands hardest on gold-linked exposure and on dollar-sensitive trades, where the move in the yen crosses adds a second channel of pressure. Whether yields hold at these higher levels, or the dollar's gain proves durable, is the open question that will determine if this is a one-session repricing or something more persistent.