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US October payrolls surge to 165,000 against forecasts of 65,000, helping Wall Street rebound after an AI rout erased $3 trillion this week.

Gold drops as much as $66 an intraday session as the surprise US jobs report lifts the dollar and cools Fed rate-cut bets, reversing its week-long haven bid.

October US layoff announcements fell to their lowest since 2023 ahead of Friday payrolls, strengthening the Fed December rate debate.