Feb 7, 2020 Update: Gold prices pulled back initially after the latest U.S. jobs report was released. The numbers were stronger than expected as non-farm payrolls climbed 225,000. An increase of only 160,000 had been expected going into the report.
Despite the strong jobs report, gold prices bounced during the afternoon hours, climbing to nearly $1,572 an ounce. The yellow metal found support as major U.S. stock indices sold off. The S&P 500, Nasdaq Composite and Dow Jones Industrial Average were all in the red by Friday afternoon.
Macro data sinks gold
Equities may have been responding to the one negative part of the jobs report, which was the number of hours worked per week. At only 34.3 hours per week for the third month in a row, it’s clear that most Americans aren’t working a full 40-hour week.
Gold prices have also been supported by developments in the coronavirus situation. The number of new cases of the virus is slowing. However, gold is still a safe haven during the economic fallout that’s expected from the virus.
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