Shinobi - XAUUSD: On a slight growth momentum
Theo Kitco, the world gold price was recorded at 1,942.655 USD/ounce at 5:00 AM today in Vietnam time for immediate delivery.
From the perspective of Reuters, the gold market is facing significant challenges in maintaining a crucial resistance level. This is happening in the context of the US labor market experiencing notable weakness in July, despite lingering inflation pressures.
The increase of 187,000 non-farm jobs in the US last month, according to data from the Bureau of Labor Statistics, while substantial, still fell short of the market's previous estimate of 205,000.
A bright spot in the report is the considerable improvement that exceeded predictions in the US unemployment rate, dropping to 3.5% from the June level of 3.6%. This demonstrates a stronger labor market than anticipated.
However, the gold market did not show a significant reaction to the rather unfavorable headline news. The December gold price remains stable at 1,970 USD/ounce, virtually unchanged throughout the day.
From the perspective of Reuters, the gold market is facing significant challenges in maintaining a crucial resistance level. This is happening in the context of the US labor market experiencing notable weakness in July, despite lingering inflation pressures.
The increase of 187,000 non-farm jobs in the US last month, according to data from the Bureau of Labor Statistics, while substantial, still fell short of the market's previous estimate of 205,000.
A bright spot in the report is the considerable improvement that exceeded predictions in the US unemployment rate, dropping to 3.5% from the June level of 3.6%. This demonstrates a stronger labor market than anticipated.
However, the gold market did not show a significant reaction to the rather unfavorable headline news. The December gold price remains stable at 1,970 USD/ounce, virtually unchanged throughout the day.
Comment:
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.
Comment:
Experts say that gold will conquer all-time highs when the health of the economy is markedly weakened prompting the Fed to cut interest rates.
