Gold price down despite unprecedented US job cuts

According to latest data released by the US Bureau of Labor Statistics, employers cut an unprecedented 20.5 million jobs during the month of April, sending unemployment rate to 14.7% — its highest since the Great Depression. However, that figure still fell short of the estimated 22 million jobs that could be lost, restoring a modicum of optimism among equity investors. While spot gold fell 0.8% to $1,706.73 an ounce by 1 p.m EST on Friday, it is still headed for a 0.3% weekly gain. Gold futures were down 0.6% on the Comex in New York to $1,714.20 an ounce. The precious metal has outperformed most major asset classes so far, benefitting from stimulus measures and periods of low borrowing rates. “The initial takeaway is that the unemployment rate was less bad than the expectations,” says Naeem Aslam, chief market analyst at Ava Trade. “The initial move in the gold price was to the downside but one needs to keep in mind that the US unemployment rate is incredibly high.” “Now that the number wasn’t as bad as expected, gold’s just taking a breather,” says Phil Streible, chief market strategist for Blue Line Futures LLC. Gold has come under pressure during the month as government officials push for their respective economies to reopen and gradually return to normalcy, weakening the rationale to invest in safe haven assets like the bullion. However, money continued to flow into the gold market, with holdings in gold-backed ETFs reaching a new record high in April. Despite the high market volatility, the price of gold remained above $1,700 an ounce in the second half of the month.source: Mining.com

Gold price down despite unprecedented US job cuts

Gold price momentum continues as industry predicts 10% upside

Gold price erases weekly loss as market digests new US data

Copper slips as US data stokes worries about rate-cut policy

El Salvador sitting on $3 trillion worth of unmined gold, president says

Gold price could extend record run into 2025, Heraeus says

Trump tariff risk roils gold and silver as New York prices jump

Rio Tinto’s $2.5 billion lithium plan is a win for Milei

Copper price jumps on China policy, but we’ve been here before

Zimbabwe wants 26% free-carry stake in new mining projects

Glencore ties up with Cyclic Materials in copper recycling push

Lithium supply surplus set to stay with battery makers’ help

China tightens rules to curb methane emissions from coal mines

Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant

Arcadium Lithium investors sue miner over Rio Tinto takeover

Skeena advances Eskay Creek permitting, unlocks Orion funding

US foreign investment panel split on Nippon-US Steel deal

Norge Mining acquires Europe’s largest natural graphite producer

Australia’s CEFC invests $75m in homegrown critical minerals

Forensic technology aids Brazil’s crackdown on illicit Amazon gold trade

Mobarakeh steel is producing green steel through scrap recycling

BHP seeks Brazil growth to emerge from shadow of mining disaster

Norilsk Nickel plans to sell all it produces in 2025