Gold Surges to $2,474 Amid Weak Jobs Data and Rising Unemployment
Sectors & Industries
August 5, 2024
Gold surged to a record high of over $2,474 per ounce on August 2nd. The spike followed a weak US jobs report, with only 114,000 jobs added in July, missing expectations and driving unemployment to 4.3%.
Concerns over a slowing labor market, alongside missed corporate earnings and contraction in manufacturing, fueled demand for safe-haven assets.
Tensions in the Middle East also contributed to the rise in gold prices.
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