After an impressive rally that took gold bars to record levels earlier this week, gold was down more than 1.48% on Friday morning.
At the time of writing, gold was trading at $ 2,031 an ounce after hitting a high of $ 2,100 on Thursday after better-than-expected job data was released. The U.S. Department of Labor Report on Non-Agriculture Payroll found that the U.S. created more than 1.7 million jobs. Economists polled by Reuters expected 1.6 million new jobs to be created, The FT reports.
“The non-farm payroll report confirmed that economic data is plateauing and that the expected recovery is not happening in the third quarter,” said Edward Moya, senior markets analyst at OANDA. “The job market has not deteriorated, and risky assets and the dollar initially rebounded after the upside surprise on payrolls. Many traders anticipated possible negative pressures, but that pessimism will not continue until next month as this report takes one Much of the slowdown will involve that resulted from the virus resurgence in the second wave states. “
Traders had accumulated in gold as fears made inflation hedges more attractive due to uncertainty about the global economy and rising central bank debt. In fact, recent investor inflows into gold-backed ETFs meant that such funds held more gold than the German government and were only behind US reserves, Bloomberg reported.
For Bitcoin, the price of the digital asset fell more than 2% after hitting just under $ 12,000 on Thursday. The last time it was checked, it was trading at $ 11,671 per coin.