On August 5, the spot gold price on Kitco floor traded at $1,942/ounce.
In July, the non-farm sector adde187,000 jobs, according to the US Bureau of Labor Statistics. This negative economic and employment information has led investors to buy gold as a risk hedge.
Experts predict that gold prices will continue to rise as recent US economic data weakens, prompting central banks to aggressively hoard gold. In the second quarter of 2023, central banks and gold trading trusts bought 1,255 tons of gold, a 7% increase, according to the World Gold Council.
In July, the non-farm sector adde187,000 jobs, according to the US Bureau of Labor Statistics. This negative economic and employment information has led investors to buy gold as a risk hedge.
Experts predict that gold prices will continue to rise as recent US economic data weakens, prompting central banks to aggressively hoard gold. In the second quarter of 2023, central banks and gold trading trusts bought 1,255 tons of gold, a 7% increase, according to the World Gold Council.
Comment:
Technically, the USD rally and correction in the gold market is coming to an end. If gold holds current levels, the precious metal is highly likely to conquer new highs in the future.
Comment:
Inflation data to be released soon will play an important role in shaping the market trend in the near future.
Comment:
Last week, gold prices turned to rise after falling to a very low level of 1,926 USD/ounce. This is a positive signal that opens the way for the next uptrend of gold.
