Gold price holds its breath waiting for the opportunity

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The world gold price fell 12/ounce to $1,948/ounce, reaching a low of $1,940/ounce.

This drop was influenced by negative economic data released by the US. The manufacturing PMI in July was 46.4%, slightly higher than June's 46% but lower than the expected 46.9%.

The US created 9.58 million jobs in July, slightly lower than June's 9.62 million and the forecasted 9.61 million. Spending on the US construction sector increased by 0.5% in June, matching the forecast for a 0.6% increase.

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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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The European Union (EU) has replaced developing countries as the main gold buying markets in the world. In the first months of 2023, the total amount of gold mined also increased 2% from the record number recorded in 2018, to 1,781 tons.

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Juan Carlos Artigas, head of research at the WGC World Gold Council, said the banking crisis in May, when several US and European banks collapsed, created an event. Significant risks boost physical gold demand. Global uncertainty is "supporting" strong jewelry sales in key markets such as China.

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According to experts, a stronger USD makes oil prices more expensive. Gold "black" increases and the dollar strengthens, making gold transaction and accommodation costs also expensive. Therefore, investors took profits to reduce costs.

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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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The dollar index hit a three-week high, amid a weaker yuan after a private-sector survey showed China's manufacturing activity halted for the first time in three months. stagnant. The dollar and gold often move in opposite directions.