conflicting economic indicators and their effect on gold price


on May 2nd 2023 the JOLTS report was released, showing fewer than expected job openings (9.6 million in march). gold rallied 2% from $1980 up to $2015.

a few days later on May 5th 2023, the nonfarm payroll was released, showing a greater than expected increase in payrolls (253k vs 180k expected). gold fell by 2%, from $2040 down to $2015.

obviously, gold price is reacting to economic news, when news comes out that indicates interest rates might fall (fewer than expected job openings) is bullish for gold.

my question is, why is gold acting so schizophrenic? GOLD goes up 2% on some news and then a few days later some slightly different news comes out and it goes down 2%.


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