Gold Prices Edge Up On Jobless Claims

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Gold & Silver Prices

(COINage News -- August 5, 2021) -- The latest jobs data show fewer people are looking for work this week than last week, with only 385,000 jobless claims, down 140,000 from the last weekly report. Investors responded by sending gold prices up to around $1,815 per ounce, up from $1,808. But that's still down from $1,833 an ounce yesterday. Silver prices also reacted positively, up to $25.50 from $25.30.

Overall, bullion prices continue bouncing around looking for stability at a time when stasis really can't be found. The economy is still in a state of huge flux as supply shortages, labor shortages, and housing shortages are testing the patience -- and wallets -- of many Americans. The issues are mainly related to the COVID-19 pandemic and business closures, layoffs, and other pinches stemming from the sudden turn in the economy in spring 2020.

Investors have found some success in the stock market, with the Dow Jones Industrial index reaching into record territory beyond 35,000 points. But this does not mean paper assets are necessarily where investors are parking all of their cash. Many continue looking toward the safe haven of precious metals, and with inflation becoming an increasing problem, speculators are finding gold and silver a beneficial hedge against rising commodities prices and a higher cost of living.

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