Gold and Bitcoin Rally Together Amid Weaker-than-Expected Jobs Report
A weaker-than-expected July jobs report has led to a broad repricing of Federal Reserve rate-hike odds, causing gold and Bitcoin to rally together. The July employment report showed the U.S. economy shed 23,000 jobs against expectations of roughly 80,000 in gains, with unemployment ticking up to 4.1%. This miss has shifted market expectations away from further tightening and toward the possibility of easing later in the year.
Gold has been a direct beneficiary of this shift, trading near $4,350 per ounce and approaching its highest level in two months. Lower rate expectations reduce the opportunity cost of holding an asset that pays no yield. The XAU-USDT pair on WEEX allows crypto-native users to track this move within their existing account infrastructure.
BTC has also climbed back above $65,000, closely tracking the same dovish shift in rate expectations that lifted gold. This is a notable departure from the classic pattern where gold and risk assets like Bitcoin tend to pull apart around Fed uncertainty.