Over the course of the pandemic, we have seen gold gain price momentum with each new release of jobless claims data from the US Labor Department. While the economy was ravaged by the virus and businesses shuttered, the number of people applying for unemployment benefits hit record numbers, with 20.5 million Americans losing their job in April alone. The 14.7% unemployment rate was the highest of the modern era with the Washington Post noting “The speed and magnitude of the loss defies comparison. It is roughly double what the nation experienced during the entire financial crisis from 2007 to 2009.”
To that backdrop, gold prices soared as a safe haven with each new US Labor Department release. This week, the jobless data claims have continued to show a slight downward trend, with the latest figures showing that 751,000 people filed for unemployment benefits, down from 758,000 people the previous week.
The good news for gold? These shoots of hope for economic recovery didn’t have the reverse impact on prices or slow any of the momentum that the yellow metal has started to build up over the course of the last few days. In fact, the precious metal put on a display of strength in the face of the data, holding on to its 2% price gains and staying firmly on course to continue its ascent to the new highs many experts are predicting for 2021 and beyond.
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