Gold Closed at $4,342 as US Sheds 23,000 Jobs in July, Crushing Expectations
Gold surged about 2.4% to close the week at $4,342 an ounce on Friday after the Bureau of Labor Statistics reported the US economy lost 23,000 jobs in July, dramatically missing consensus forecasts that called for 85,000 gains and reviving bets that the Fed will stay on hold.
Spot gold rocketed toward $4,342 an ounce on Friday trading session, climbing roughly 2.4% on the session, after the Bureau of Labor Statistics delivered a startling July employment report showing the U.S. economy shed 23,000 jobs against consensus expectations for a gain of 85,000.
The miss marks the second monthly contraction in the American labor market this year. Making matters worse, the BLS revised June’s tally down to a meager 20,000 from the initially reported 57,000, while May’s figure was cut to 63,000 from 129,000.
Not only spot gold that has been shooting up due to this news, the other precious metal like silver has also been doing pretty well. Miner stocks have been doing really good this week, with GDX VanEck gold miners ETF alone successfully regained its momentum by going up for over 21% in the past week alone.
It's yet to be seen if the industry of precious metals will continue its momentum in the upcoming week, but it looks like the continuous correction in the past few months have finally slowed down.
Related assets: Gold, Silver, Palladium, Platinum