Bitcoin and gold are rising again: Is it the employment effect?

This year, Bitcoin, which sometimes moved in correlation with stocks and sometimes with gold, seems to have taken on a risk-averse appearance again. During the night, gold reached a record of 3508 dollars per ounce, while there was also a rise in Bitcoin. The largest cryptocurrency rose above 110 thousand dollars. Both gold and Bitcoin had a quiet Monday due to the US markets being closed yesterday. However, movement began from the night hours.

Employment data is coming on Friday

Two main factors are coming to the forefront, especially in the rise of gold. The first of these is the direction of economic data in the US and the expectation of a rate cut by the Fed in September... The first significant data for September in the US will come on Friday with the non-farm payrolls. The participation in employment of 140 thousand in May and June was revised down to 15 thousand immediately after the Fed's decision at the end of July. This revision had been widely discussed in the US and global financial markets. It had also led to questioning the trust in US government institutions.

Powell had given the message at Jackson Hole

Federal Reserve officials and Chair Powell, who stated that they have been monitoring the labor market for some time and that the data here will be influential in interest rate decisions, will also closely watch this week's non-farm payroll figures. For July, participation in employment, which was announced as 73 thousand and has been gradually declining, is expected to be announced as 50 thousand in August. Powell had indicated in his speech at the Jackson Hole conference in August that they could consider cutting interest rates if the labor market worsens.

The Russia-Ukraine war is not over: Putin and Xi met

The second factor in the rise of gold may be geopolitical developments. One of Trump's campaign promises was to end the Russia-Ukraine war. However, despite nearly a year passing since Trump was elected president, this has not happened. In addition, the Shanghai Cooperation Organization Summit is currently ongoing in China. Many countries positioned against the US, particularly the leaders of Russia, India, and China, have been sending warm signals and messages of unity in recent days.

On the other hand, this morning, due to the time difference with China, a meeting also took place between Russian President Vladimir Putin and Chinese President Xi Jinping. High-level ministers and officials from both countries also attended the meeting. Prior to the meeting, comprehensive cooperation messages had also come from both sides.

Published: September 2, 2025 08:33Last Updated: September 2, 2025 08:39