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

Gold price saw its biggest single-day drop today 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.”

For Soloway’s views on stocks and Bitcoin, watch the video above. Follow David Lin on Twitter: @davidlin_TV (https://twitter.com/davidlin_TV).

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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