World gold price on the first day of the new month

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In the world market, spot gold price on Kitco floor tends to increase when trading at 1,962 USD/ounce.

Analysts said that the gold market will not have a new breakthrough, but the trend will still increase in the near future. According to analysts, the tough monetary policy stance of the US Federal Reserve (Fed) weakens the economy.

Kevin Grady, President of Phoenix Futures and Options, said that gold prices remained at current levels despite the reaction to upcoming economic data. Just a small sign of economic weakness will also support gold prices.

In the near term, the gold market will pay attention to the US nonfarm payrolls data for July.

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In a recent report, the US Department of Labor said that the economy created 209,000 jobs in June. This is the first time the employment data has failed to meet expectations since May 2022.

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"I don't think the Fed will move in September, but later this year, if we continue to get strong economic data," said Jim Wyckoff, senior market analyst. The Fed is likely to raise rates one more time.”

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It is only a matter of time before the US Central Bank starts pumping money back into financial markets to keep the economy from falling into recession. When that happens, fear will increase in the market and push gold prices higher.

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Looking back on gold's performance in the second quarter, in a recent report, the World Gold Council said that persistent economic uncertainties have created strong demand for physical gold, pushing gold prices to record levels. . . in the second quarter.

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Gold price went down, but the world's largest gold investment recovery SPDR sold 3.75 tons of gold, the remaining gold holdings were 909.18 tons. However, the world demand for gold in the first 6 months increased 5% to 2,460 tons

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Tim Waterer, lead market analyst at KCM Trade, said that the US jobs data released later this week will be an important indicator of interest rate adjustments from the Fed and this will affect affect the price of gold.

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Any signs of recovery in the labor market will give the US Federal Reserve (Fed) more incentive to continue raising interest rates, which bodes well for gold. Analysts expect payrolls to decline slightly in July, staying close to a relatively high level.