Gold price big difference between buying and selling

The world gold price continued to go down, to 1,937.2 USD/ounce, down more than 10 USD compared to yesterday.

The precious metal fell as the US dollar and US government bond yields rose after data showed US private-sector employment rose more than expected in July.

The ADP National Employment Report said the number of US private-sector jobs increased by 324,000 in July, much higher than the 189,000 increase economists reported earlier.

In addition, the US Bureau of Labor Statistics (BLS) yesterday announced that the labor market added 9.58 million new jobs in June, this actual number is lower than 9.82 million. June and May and below the market valuation of $9.62 million.

Comment:

Traders and investors were not shaken by the sudden Fitch news, but it did somewhat dampen the market's optimism that had previously pushed US stock indexes to highs. new in the year. Initial safe-haven demand for gold was dwarfed by the aforementioned bearish external markets today.

Comment:

Jim Wyckoff, senior market analyst at Kitco, wrote in a report: “Traders and investors were not shaken by the sudden Fitch news, but it did somewhat alleviate the sentiment. Previous market optimism has pushed US stock indexes to new highs for the year.”

Comment:

The outlook for the yellow metal remains hazy, especially with US interest rates set to stay higher for longer this year. While gold is expected to benefit from the Fed's final rate cut next year, it is expected to receive limited support in the near-term.

Comment:

The US ADP National Employment Report for July revealed an unexpected surge of 324,000 workers, surpassing the estimated 175,000 increase. This significant rise follows a previous increase of 497,000 in the June report. The strong data is likely to impact the gold market and influence advocates of US monetary policy, who are in favor of a rate hike by the Fed.