Gold News: Unemployment at a Low, Gold Falls

Gold News

In the latest gold news: As of August 7 at 8:08am EST, gold was trading at $1256.56 per ounce, falling for the first time after three consecutive weeks of positive growth. At approximately this time last week, gold was trading at $1267.27 per ounce.

Gold News

Last week, the Dow Jones Industrial Average had another record close: 22,000. The continued strong returns of stocks that US investors have seen since the election of President Trump have pushed many investors to move more towards risky stocks and away from safe haven gold as investors seek stronger returns. Other investors wonder how long the Trump rally can last without the implementation of Trump’s proposed pro-growth policies.

On Friday, US economic data was stronger than expected showing the addition of 209,000 new jobs in July vs. the expectation of economists for the addition of 175,000 jobs. The unemployment rate came in at 4.3%, in-line with expectations, and a 16-year low. After the report, the dollar strengthened and stocks rallied, while gold settled lower.

In the 7 day gold prediction ending June 21, I Know First’s algorithm based on predictive analytics showed an impressive 100% accuracy rate, as seen in “Commodity Ranking Based on Deep-Learning: Returns up to 6.95% in 7 Days.” After one week, I Know First’s average percent change came out to 3.46% with both CL1 as the top earner, bringing in an impressive 6.95% return to short investors.

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