Gold just got hit as Fed rate cut bets collapse. Spot gold dropped $21.20 to $4,056/oz after today's jobs report killed December cut hopes—investors now only see 39% odds of another 25bp cut next month.

The trigger? September nonfarm payrolls came in hot at +119k (expected 50k), biggest jump in 5 months. Even though unemployment ticked up to 4.4%, the strong jobs data basically signals 'economy's still holding up fine,' which means less urgency for more cuts.

Silver got hammered harder—down 54 cents (-1.07%) to $50.25/oz.

Context: Fed already cut 25bp in October to 3.75-4.00%. But Fed Chair Powell made it clear—December cut is 'not foregone.' With inflation staying sticky at 3.8% wage growth, Fed members are split on whether to keep slashing. Two voted against October's cut entirely.

The play now: Weaker dollar usually supports gold, but if Fed stays hawkish, gold stays pressured. Watch December 9-10 meeting.