Weak US Jobs Data Drives $2.5 Billion Gold Futures Surge on Binance

Gold (XAU) futures on Binance recorded one of their strongest trading days in four months on Friday. The surge followed a July jobs report that missed expectations.

The move came alongside a broader gold rally, which ended a four-month losing streak. Investors appear to be returning to the precious metal after months of pressure.

Weak Jobs Data Boosts Gold

BeInCrypto reported that nonfarm payrolls (NFP) fell by 23,000 in July, compared with a forecast of an 85,000 gain.

Revisions to May and June erased another 103,000 jobs. The unemployment rate still fell to 4.1%. However, the decline did not reflect stronger hiring conditions.

Instead, 264,000 people left the labor force during the month. That pushed 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.

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