It appears things might be finally hitting the fan this morning so to speak. Gold might finally be having its day, after the Bureau of Labour Statistics this morning reported the latest non-farm payroll numbers for the United States.
The metal soared as high as $1829 following initial reactions of the job data, before coming down to $1824, marking a current $14.53 gain on the day as of the time of writing.
The latest non-farm data reports that employment rose 235,000 in August, against consensus estimates of 720,000 – resulting in the data coming in extremely short of expectations. The unemployment rate meanwhile declined by 0.2 percentage points to 5.2%, with the largest decline being found in retail trade. Unemployment remains elevated from pre-pandemic levels.
Results from the BLS have caused several implications outside of the rise in the price of gold, with exchange rates moving significantly. For instance, EUR/USD rose to a one month high of $1.1910, after sitting at $1.1872 before the data was released, while the US 10-year has rose as high as 1.317%. Bitcoin too has moved on the news, with it up a little over 3.0% to $50,830 off the back of the news.
Information for this briefing was found via the Bureau of Labor Statistics. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
