Gold prices in the global market experienced a slight reversal as immediate delivery gold increased by $8.9 to reach $1,942.6 per ounce. December futures for gold, in their last trading session, rose by $7.3 to $1,976.1 per ounce compared to the previous morning.
The modest increase in gold can be attributed to the July US job report, which closely aligned with market expectations. Specifically, according to the US Bureau of Labor Statistics, non-farm payrolls increased by 187,000 jobs in July, slightly below the expert forecast of 200,000 job additions.
The report highlighted that the country's unemployment rate showed improvement, dropping to 3.5% from 3.6% in June and surpassing the expert projection of 3.6%. This figure is notably close to the lowest level since 1969.
The report also noted downward revisions in May and June. May's unemployment data was adjusted down to 281,000 from the previous estimate of 306,000, while June's employment data was revised down to 185,000 from the initial forecast of 209,000.
According to some market analysts, the gold market might be facing challenges in finding upward momentum due to concerns about inflation. The report indicated that inflation remains a significant concern, potentially prompting the US Federal Reserve to continue raising interest rates after the summer.
The modest increase in gold can be attributed to the July US job report, which closely aligned with market expectations. Specifically, according to the US Bureau of Labor Statistics, non-farm payrolls increased by 187,000 jobs in July, slightly below the expert forecast of 200,000 job additions.
The report highlighted that the country's unemployment rate showed improvement, dropping to 3.5% from 3.6% in June and surpassing the expert projection of 3.6%. This figure is notably close to the lowest level since 1969.
The report also noted downward revisions in May and June. May's unemployment data was adjusted down to 281,000 from the previous estimate of 306,000, while June's employment data was revised down to 185,000 from the initial forecast of 209,000.
According to some market analysts, the gold market might be facing challenges in finding upward momentum due to concerns about inflation. The report indicated that inflation remains a significant concern, potentially prompting the US Federal Reserve to continue raising interest rates after the summer.
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Specifically, average hourly wages - which are important to the Fed's fight against inflation - increased 0.4 percent month-on-month to $33.74 and 4.4 percent year-on-year. Both were higher than forecasts of 0.3% and 4.2% increase from experts.
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XAUUSD BUY 1942 - 1940
TP1: 1945
TP2: 1950
SL: 1935
TP1: 1945
TP2: 1950
SL: 1935
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Some other analysts say that for gold to regain its momentum and hold above $1,980 an ounce, the consumer price index for June must be lower than expected. However, this is difficult as the economy faces rising food and energy prices.
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It is worth noting that the gold market may be facing a difficult time generating strong growth, especially as the report highlights that inflation continues to be an important risk. could prompt the US Federal Reserve (Fed) to raise interest rates after the summer.
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Inflation is expected to have picked up again after a sharp decline in June- a scenario that could push up expectations of more interest rate hikes from the Federal Reserve
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The future of the dollar and gold will likely be determined by a number of reports next week, including the March nonfarm payrolls report this Friday. Despite growing recession fears, the US labor market remains resilient as the number of jobs created in March rose relatively in line with expectations.
