Gold prices hit a four-month low on Thursday, falling to $1,253 per troy ounce. But they perked back up by a modest 0.45 percent early today, rising to $1,258 per ounce.
Still, in the last eight days of trading, the commodity fell a total $83 in value.
Experts say that Wednesday’s 1.2 percent dip in value follows a strong U.S. economic report. Continuing the momentum, the U.S. employment report Friday showed the addition of 156,000 jobs in September even as overall unemployment inched up to 5 percent from 4.9 percent. The number of individuals applying for first-time unemployment fell to a four-decade low, as described in a report issued last week.
Experts say that low prices could elicit more demand in emerging, gold-hungry markets like India — which could eventually drive prices up.
The safe haven commodity has been in constant flux for the last year as political, economic and social uncertainties continue to rise and fall.
The commodity peaked during the fallout of July’s Brexit referendum, escalating to $1,367 per ounce.
These numbers are still markedly higher than 2015 gold prices, which had sunk below $1,100 per ounce in December.
Further decreases in value could come Monday if Hillary Clinton performs well during Sunday evening’s presidential debate. A day following the Sept. 26 debate — after which Clinton was largely hailed as the winner, calming investors’ uncertainty regarding Donald Trump — gold prices fell slightly, by 0.1 percent.
Read more from this week’s WWD: