International gold prices hit the biggest drop in half a year!

International Business News – After the release of non-farm payrolls data from the U.S. side last Friday, gold prices dived through the $1,900 mark in response, falling about $50 in total to close at $1,865.69, the biggest drop since June 13, 2022.

Gold senior investment analyst Lin Dahui said in an interview with the international business newspaper, the evening of February 3, the U.S. non-farm payrolls data to good and far more than expected, gold prices waterfall decline. In the last two days it is a month of gains all back. “From the monthly price is still a dead cross pattern, suggesting that gold prices have room to fall back.”

The U.S. Department of Labor released data showing that U.S. nonfarm payrolls rose well above expectations by 517,000 in January, the largest increase since July 2022, and job gains were widespread in January, with gains recorded mainly in the leisure and hospitality, professional and business services and health care sectors. Employment in the government sector also increased in part, reflecting the return of striking workers, with U.S. goods production jobs up 46,000 in January, construction jobs up 25,000, private service delivery jobs up 397,000 and retail jobs, up 30,100. The U.S. Bureau of Labor Statistics said in January, the unemployment rate fell to 3.4%, touching a 53-year low, and the number of unemployed was 5.7 million, both little changed.

There are also analyses pointing out that the violent selling wave on Friday cooled market sentiment, and gold prices may hover below $1,900 per ounce this week.

The current gold price in the short term there is a risk of high fall, but in the medium and long term, investment in gold is “right time”?

Lin Dahui analysis, the Federal Reserve interest rate hike strength significantly weakened, the Spring Festival consumption fever is also cooling, gold prices down space is still in. “Now to buy or invest in gold is not a better choice, wait for the bottom to appear and then take the plunge.”