Gold falls from a two-week high ahead of US jobs data

    Gold prices in the European market fell on Friday from the two-week high recorded earlier in the Asian market, with marked correction and profit taking activity ahead of the release of new jobs data in the US in July, which provides strong evidence of safety Growth of the world's largest economy during the third quarter of this year.



    Gold prices fell by 0.7% to 09:14 GMT to trade at $ 1,436.55 per ounce from the opening level of $ 1,445.20, and recorded the highest level of $ 1,449.10 since July 19 and the lowest level of $ 1,430.27.



    The price of the precious metal "Gold" yesterday rose 2.3%, the biggest gain since July 2, as investment demand for safe assets accelerated after the US president announced the imposition of new tariffs on China.



    Donald Trump said Thursday he would impose a 10 percent surcharge on Chinese goods worth $ 300 billion from September 1.



    Gold prices hit a two-week low of $ 1,400.50 an ounce on Thursday, under pressure from the US dollar to reach a 28-month high against a basket of currencies. The loss quickly turned into a big profit after the president's surprise.



    The US currency made strong gains this week as the Federal Reserve lowered its chances of a series of interest rate cuts after hinting this week after a monetary policy meeting that a federal interest rate cut for the first time in more than a decade would be exceptional to protect the world's largest economy. Of the risks of trade war and weak inflation.



    In a move widely expected on financial markets, the US central bank cut its benchmark lending rate by 25 basis points to 2.0%: 2.25%.



    Some believe the move is unjustified as the US economy performs better than expected despite rising risk, and may be a way to please President Donald Trump, who is critical of US monetary policy and high interest rates.



    Federal Reserve Chairman Jerome Powell said the current cut may not be the beginning of a series of interest rate cuts to bolster the economy in the face of the global economic weakness.



    In order to make sure the US economy is healthy during the third quarter of this year, investors will be looking forward to the release of important data on the US labor market during July, especially on the number of new jobs added to the main sectors.



    The US economy will add 164,000 new jobs in July, compared to 224,000 jobs in June, with unemployment falling to 3.6% from 3.7%, and exports The average per capita income per hour is also expected to rise 0.2% in the same reading.



    Gold holdings with SPDR Gold Trust The world's largest gold-backed fund rose yesterday by 4.4 metric tons, bringing the total to 827.82 metric tons, the highest level since 8 June 2018.

    Gold prices in the European market fell on Friday from the two-week high recorded earlier in the Asian market, with marked correction and profit taking activity ahead of the release of new jobs data in the US in July, which provides strong evidence of safety Growth of the world's largest economy during the third quarter of this year.



    Gold prices fell by 0.7% to 09:14 GMT to trade at $ 1,436.55 per ounce from the opening level of $ 1,445.20, and recorded the highest level of $ 1,449.10 since July 19 and the lowest level of $ 1,430.27.



    The price of the precious metal "Gold" yesterday rose 2.3%, the biggest gain since July 2, as investment demand for safe assets accelerated after the US president announced the imposition of new tariffs on China.



    Donald Trump said Thursday he would impose a 10 percent surcharge on Chinese goods worth $ 300 billion from September 1.



    Gold prices hit a two-week low of $ 1,400.50 an ounce on Thursday, under pressure from the US dollar to reach a 28-month high against a basket of currencies. The loss quickly turned into a big profit after the president's surprise.



    The US currency made strong gains this week as the Federal Reserve lowered its chances of a series of interest rate cuts after hinting this week after a monetary policy meeting that a federal interest rate cut for the first time in more than a decade would be exceptional to protect the world's largest economy. Of the risks of trade war and weak inflation.



    In a move widely expected on financial markets, the US central bank cut its benchmark lending rate by 25 basis points to 2.0%: 2.25%.



    Some believe the move is unjustified as the US economy performs better than expected despite rising risk, and may be a way to please President Donald Trump, who is critical of US monetary policy and high interest rates.



    Federal Reserve Chairman Jerome Powell said the current cut may not be the beginning of a series of interest rate cuts to bolster the economy in the face of the global economic weakness.



    In order to ensure the soundness of US economic growth during the third quarter of this year, investors will be looking later for important data on the US job market in July, particularly on the number of new jobs
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