Gold futures on Binance recorded over $2.5 billion in trading volume on Friday, marking one of their strongest trading sessions in four months. According to reports from BeInCrypto, this surge followed disappointing July jobs data that prompted traders to rotate into safe-haven assets. Since launching on Binance roughly nine months ago, gold futures have now surpassed $200 billion in cumulative trading volume, highlighting growing demand among crypto-native traders for traditional safe-haven exposure.
The rally was triggered by disappointing US employment data that missed expectations significantly. As reported by BeInCrypto, nonfarm payrolls fell by 23,000 in July, compared with a forecast of an 85,000 gain. Revisions to May and June data erased another 103,000 jobs, while the unemployment rate still fell to 4.1%. However, the decline was not driven by stronger hiring conditions, as 264,000 people left the labor force during the month, pushing participation to 61.4%, its lowest level in nearly five and a half years.
Gold responded quickly to the data, closing Friday's session 2.48% higher and gaining more than 6% since the start of August. According to BeInCrypto, this renewed interest in gold, combined with weakening employment data, confirms that the market appears to be pricing in a possible deterioration of the economic situation. The shift in expectations for Federal Reserve policy has also supported gold prices, with markets now seeing only a 44% chance of a rate hike in September, down from 67% previously.
Traditional gold markets have shown parallel strength, with global gold-backed exchange-traded funds attracting $3 billion in July inflows, reversing two consecutive months of outflows. As reported by BeInCrypto, total assets under management rose 1% to $530 billion, with European funds accounting for most July inflows. The next major catalyst for gold prices will be the July CPI data due Wednesday, August 12, which could further influence expectations for Federal Reserve policy and continue supporting safe-haven demand.
