Poor jobs data underlines fragility of economic recovery and long term appeal of gold

Worse than expected US jobless data suggests the economy continues to be in real turmoil as Delta case rates surge – something which favours the gold bulls and increased price action long term.

New unemployment claims were up again this week, with US labour department figures recording 353,000 claims made, 4,000 higher than last week.

This shows that recovery is still a long way off, suggesting economic stimulus measures must stay in place, a move which undoubtedly favours gold.