Gold moves up after U.S. jobs data disappointment

U.S. non-farm payrolls released today (Friday) came in far below expectations. The Labor Department announced an increase of only 235,000 jobs added. This was well below the forecast of 720,000.

The unemployment rate fell from 5.4% in July to 5.2% in August.

The price of gold jumped after the announcement. As of Friday evening at 10:20 PM Asia time (GMT+7), gold was up 1.3% at $1834.20 per ounce.

Silver prices gained a whopping 3.73% to $24.88.

Gold and silver prices thus reached four-week highs.

In addition, Institute of Supply Management (ISM) non-manufacturing PMI data came out today. As expected, the index value fell compared to the previous month of July to 61.7. In July, the value was still at 64.1.

Gold moves up after U.S. jobs data disappointment

U.S. non-farm payrolls released today (Friday) came in far below expectations. The Labor Department announced an increase of only 235,000 jobs added. This was well below the forecast of 720,000.

The unemployment rate fell from 5.4% in July to 5.2% in August.

The price of gold jumped after the announcement. As of Friday evening 10:20 PM Asia time (GMT+7), gold was up 1.3% at $1834.20 per ounce.

Silver prices gained a whopping 3.73% to $24.88.

Gold and silver prices thus reached four-week highs.

In addition, Institute of Supply Management (ISM) non-manufacturing PMI data came out today. As expected, the index value fell compared to the previous month of July to 61.7. In July, the value was still at 64.1.

The disappointing labor market numbers and declining ISM data indicate a slowdown in economic growth. In addition, there is the still spreading delta variant, which is causing concern. It, therefore, remains to be seen whether the slowdown in economic growth is only temporary or will cause us concern in the long term and to what extent the delta variant can be contained.

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