U.S. President Donald Trump has dismissed the head of the Bureau of Labor Statistics (BLS), reportedly in response to jobs figures he disagreed with.
This raises concerns about the integrity of government-reported economic data, especially ahead of the next key Non-Farm Payrolls (NFP) release on September 5.
This upcoming report also includes the BLS’s annual revision, adjusting past job growth figures from April 2024 through March 2025. Goldman Sachs “estimate a downward revision on the order of 550,000 to 950,000 jobs—or a reduction of 45,000 to 80,000 jobs per month over the April 2024 to March 2025 period.”
Given macro uncertainty and signs of distrust in U.S. economic data, the bid for gold may persist.
Gold has rebounded sharply in recent sessions, breaking a short-term downtrend and climbing back above the 3,360 level. Price has now retraced more than 50.0% of the July 24–31 selloff. The pair may be short-term bullish, if price holds above $3,310.
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