Historically, how impactful has the US jobs report been on gold’s valuation? In this article, we present results from a study in which we analyzed the
Nonfarm Payrolls in the US are forecast to increase by 170,000 in September. Gold is likely to react slightly stronger to an upbeat jobs report than a disappointing one. Gold price's inverse-correlation with NFP surprise weakens slightly by the fourth hour after the release. XAU/USD pair's reaction to the previous 35 NFP prints*. We present our findings as the US Bureau of Labor Statistics gets ready to release the September jobs report on Friday, October 6.
In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began.
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