Wmax interprets U.S. non-farm data in April: 115,000 new jobs were created, exceeding expectations, but the labor participation rate fell to 61.8%, a new low since 2021, and the broad unemployment rate rose to 8.2%. Slowing wage growth has dispelled concerns about inflation, gold bucked the trend and has risen, and the Federal Reserve has locked in a no-movement tone for the year.