Gold Futures Soar on Weak US Jobs Data
Gold futures on Binance recorded their strongest trading day in four months last Friday following weak US jobs data that missed expectations. The July nonfarm payrolls (NFP) report showed a decline of 23,000 jobs compared to a forecasted gain of 85,000.
The unemployment rate still fell to 4.1%, but the decrease did not reflect stronger hiring conditions. Instead, 264,000 people left the labor force during the month, pushing participation to 61.4%, its lowest level in nearly five and a half years.
Gold responded quickly to the data, closing Friday's session 2.48% higher. The metal has gained more than 6% since the start of August.
Binance's XAU futures market also captured that momentum, with gold futures recording over $2.5 billion in volume on Friday alone. This marked one of the strongest trading sessions in four months.