Gold Market
Gold closed lower for the week despite a weaker-than-expected US jobs report, as bond yields reversed and rose. Analysts suggest further downside may present a buying opportunity.
Gold prices wavered after a surprisingly strong US jobs report, but analysts see the pullback as temporary amid rising debt, bond yields, and geopolitical tensions.
De Nederlandsche Bank has shipped 86 tonnes of gold from New York and Ottawa to London, citing geopolitical unrest. France has already emptied its gold from the New York Fed. The moves point to a deeper concern about liquidity in a crisis.
September is set to bring fresh volatility for gold, with US jobs reports and geopolitical tensions taking centre stage after a notable price decline.
Central banks hold gold reserves for diversification, as a safe store of value independent of any government, and to manage geopolitical and financial risk.