Why did gold price drop 2% Friday? More downside coming? Gareth Soloway on metals, stocks, Bitcoin

New York (Aug 8)  Gold price saw its biggest single-day drop Friday since June on the back of a strong jobs report.

Gareth Soloway, chief market strategist at InTheMoneyStocks.com, told David Lin, anchor for Kitco News, that gold reacted adversely to rising interest rates and a strengthening dollar on Friday following the release of the jobs report.

The economy added 943,000 jobs, bringing the unemployment rate down to 5.4%.

Soloway said that once inflation picks up even more, the gold price can start to rally “dramatically.”

KitcoNews