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Unfortunately, there is not a lot of good news for gold investors in the stellar jobs report. Wages also rose more than expected, rising 0.5% last month. In the last 12 months, wages have risen 5.2%. In a typical economic environment, this should be positive for gold because it is considered inflationary.
The Bank of England also said that the British economy faces a prolonged recession starting this year, as inflation has still not peaked.
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