Haciyev Reşit 
With U.S. markets closed on Monday, the financial world remained calm, but activity picked up overnight. Bitcoin surpassed the $110,000 level.
Recently, Bitcoin has at times correlated with stocks and at times with gold, but this time it once again displayed the characteristics of a risk-off asset.
Nonfarm Payroll Data Awaited
Gold also hit a new record at $3,508 per ounce, with one of the main drivers of the rally being the upcoming release of U.S. economic data. In particular, expectations that the Fed may cut interest rates in September have energized the markets.
The first key U.S. data point for September, the Nonfarm Payroll figures, will be released on Friday. The employment growth, initially reported as 140,000 for May and June, was later revised down to 15,000 at the end of July.
This sharp revision had raised questions about confidence in the U.S. economy and official data. Following the reported 73,000 job gain in July, the figure for August is expected to come in around 50,000.
Powell’s Jackson Hole Message
Federal Reserve Chair Jerome Powell noted in his speech at last month’s Jackson Hole conference that weakness in the labor market could bring rate cuts onto the agenda. Fed officials have also recently emphasized that they are closely monitoring labor market conditions and that decisions will be shaped by this data. Therefore, Friday’s nonfarm payrolls release will be critically important for the direction of both gold and Bitcoin.
Geopolitical Developments and Gold Demand
Another factor supporting gold’s rise has been geopolitical developments. One of Donald Trump’s pre-election promises was to end the Russia-Ukraine war. However, nearly a year after taking office, no concrete progress has been made on this front.
Meanwhile, Russian President Vladimir Putin and Chinese President Xi Jinping held a meeting attended by senior ministers and officials from both countries, where they delivered messages of broad cooperation. These developments boosted safe-haven demand for gold, helping push prices to new highs.
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