FINSUM + Magnifi: Gold Rallies on the back of Weak Jobs Data

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September 8, 2021

As a result of the August jobs report, gold prices surged to a monthly high. The U.S. added 235,000 jobs last month which was far below economic forecasts and the smallest gains in the last 6 months. In response, the falling dollar caused gold prices to rise to $1,823, almost 1% higher. According to the jobs report, leisure and hospitality were the most affected sectors, which is consistent with expectations around the delta variant. In light of this, the Fed is expected to change its tone, which has been hinting at tapering if job growth sustained. Overall, gold has struggled this year as by and large the recovery has been robust and economic sentiment has been positive. 

FINSUM + Magnifi: This swell for gold could grow as the bond purchases will most likely continue through the end of 2021.

 

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