Gold prices drop on strong US jobs report.

Gold prices fell to near session lows as the US economy created 253K jobs in April, beating market consensus estimates of 181K. The unemployment rate dropped to 3.4%, beating market consensus calls of 3.6%. The better-than-expected employment data is weighing on gold days after the precious metal pushed to a record high above $2,080 an ounce. The latest employment data is creating a shift in interest rate expectations, with markets starting to price out a potential rate cut in July.