Gold gains 2.6% post Friday’s U.S. monthly jobs data release

On Friday, Gold Futures contract had dropped by 2.7% which had followed an improved monthly U.S. jobs data release. Global markets had gone risk-on with gold continuing to be a safe-haven asset. Monday last week saw the price going slightly above $1,760 while Frday’s daily low fell at $1,671.70. At present, the yellow-colored metal is trades at the bottom of its medium-term consolodation.

This morning, gold went up by 0.78%, offsetting its decline last Friday. With stocks hovering along their medium-term highs, the financial markets stay on risk-on mode.

Economic data releases of late confirm the dire effects created by the coronavirus on international economes, Despite the fact, the monthly jobs data released by the United States on Friday rendered surprisingly positive results. The number of the nonfarm payrolls appeared optimistic. Tomorrow will see the release of the much anticipated U.S. Wholesale Inventories data