Gold Hits Another 8-Month Low despite Weak Jobs Data

Gold prices fell again towards a new 8-month low on Wednesday's trading, erasing last night's $ 30 high as the US dollar rose alongside long-term interest rates despite worse-than-expected U.S. jobs data.

according to ADP Payrolls, the U.S. added 117,000 jobs last month, one-third less than forecasts, however, Gold prices fell again to $1708.

Billionaire Marc Cuban said on Twitter to anti-Bitcoin gold promoter Peter Schiff: "Gold is dead. Go on."

"As technology becomes cheaper, faster, there will be new applications, even something to replace cryptocurrencies. Gold will never change. That is why it will die as a store of value," Cuban added.

"That it was once used as money is no longer enough," said investor Dominic Frisby.

"The trend is reversing. Unless gold is able to adapt to the realities of the digital economy, and thus make itself tempting again, it will continue to lose relevance," Frisby pointed out.

"The excess liquidity in markets will keep gold at high levels for a good few months" says specialist analyst Rona O'Connell at StoneX brokerage.

The giant gold-backed ETF expanded yesterday by 0.2%, the first net inflow of investor funds since February after 6 weeks of liquidation.