Gold drops to ₦176k/gram as strong US jobs data fuels Fed rate hike bets

Nigeria's 24-karat gold fell to ₦176,000 per gram at Friday's close, tracking a 1% drop in global spot gold to $4,060/ounce after a blowout US jobs report. The October NFP showed 165,000 jobs created versus 65,000 forecast, pushing unemployment to 4.1% and raising December Fed rate hike odds to 77%. The dollar index jumped 0.62% above 102, pressuring bullion.

For Nigerian investors, the stable naira (₦1,350/$) changes the game. Local gold prices now mirror XAU/USD directly without currency depreciation masking global moves. Institutional investors and affluent women who hedge with spot gold against inflation and devaluation face a new reality: gold rises only when global prices rise, not when the naira falls.

Geopolitical tensions in the Middle East provide a floor—US-Iran negotiations, Houthi attacks on Saudi Arabia, and potential US strikes on Iran keep safe-haven demand alive. But the immediate driver is macro: strong US data means higher rates, stronger dollar, weaker gold.

Next week's US CPI is the key watch. If inflation cools, rate hike bets ease and gold could recover. If it stays sticky, expect more pressure.

With naira stability making gold a pure play on global prices rather than a currency hedge, will you adjust your allocation or hold through the volatility?

SOURCE: https://nairametrics.com/2026/11/07/nigerian-gold-falls-to-n176k-g-after-us-stock-market-bloodbath/