The U.S. Department of Labor released its non-farm payroll data on Friday. The April figures showed an increase of 266,000 jobs, far lower than the expected increase of 1,000,000 jobs. March figures have been revised downwards to 770,000, while the employment rate has slightly increased to 6.1%.
After the release, the U.S. dollar took a large tumble, dropping by 0.72%, nearing its 90-day average and setting two-and-a-half month lows. The weekly trendline has also dropped by 1.16%, the lowest since December of 2020. Since April, the dollar has fallen by 3.2%.
With the weakening of the dollar, gold has seen support in the short run, rising from 1,790 to 1,816, hitting the 1,845 mark and breaking the recent 1,750-1,800 narrow price trend. Gold continues to hover around its recent highs, opening today at the 1,831 USD mark.
Fundamentals favour the price of gold in the mid-term. The weak figures continue to give President Biden more reasons to continue the 6,000B USD stimulus program and potentially room for the U.S. Federal Reserve to lower interest rates, leading to a potentially even weaker dollar, and driving the prices of commodities and risk-haven assets upwards. In addition, with the uncertainty of the Covid-19 situation in India and worldwide, this may start a new bull market for risk-haven assets.
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