Gold drops sharply from its recent highs

Economy Watch · May 2, 2025 · 5m

Kia ora,

Welcome to Friday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.

I'm David Chaston and this is the international edition from Interest.co.nz.

And today we lead with news the gold price is tumbling today, ending its recent spectacular rise.

But first, American initial jobless claims rose to 223,600 last week, more than expected. There are now 1.907 mln people on these benefits, +153,000 more than at this time last year, a rose of +8.7%.

But job cuts announced in April came in less than you might have thought at 105,400, certainly less…