Wall Street had been expecting a gain of 80,000. The jobs report collapsed that range to the upside, with futures pushing through $4,400. Why the labor market matters for goldThe connection between a weak jobs report and rising gold prices runs through one institution: the Federal Reserve. The futures curve shifted meaningfully toward rate cuts in the immediate aftermath of the report, and that repricing is a direct tailwind for gold. Those forecasts were issued before this jobs report landed.