If you’ve been caught on the left foot when it comes to buying gold at its lower price levels, you have another opportunity to buy today before the window slams shut once again.
This week’s U.S. Labor Department report showed that the number of new unemployment claims being filed fell by 9,000 to 218,000 for the week ending 3 February, matching what economists had hoped to see. The number of ongoing claims also fell back, from 1.894 million workers to 1.871 million. This tells us that those who have previously been claiming unemployment are finding it a little easier to get back into work, with 23,000 re-entering the labour market.
These figures put price pressure on gold by signalling the continued resilience of the U.S. economy. With a stronger economy, the Federal Reserve has less incentive to move up its rate cut timeline.
Gold prices are hovering around the £1,611 ($2,032) marker, a little ways off the week’s high of £1,620 ($2,015). The advice from gold experts is always to buy the dip – and this is especially important to heed during a long-term upward trajectory, as we’re experiencing right now.
Move quickly before the window slams shut. Buy now.
