Gold prices are witnessing a slight decline ahead of the release of US jobs data

Tuesday, August 29, 2023 - 17:21
Point Trader Group

Gold prices are witnessing a slight decline ahead of the release of US jobs data

The yellow metal prices witnessed a slight decline during Tuesday's trading; In conjunction with the rise in the US dollar index, in addition to the rise in US Treasury bond yields, especially amid the market’s anticipation of the release of job vacancies and labor turnover data in the United States for the month of July, scheduled to be issued today, which will have clear effects on the performance of both the US dollar, as well as its movements. gold metal.

During today's standard gold metal trading, spot contracts for gold metal recorded a marginal decrease of 0.10% and reached $1,918.26 an ounce, and also; Gold metal futures contracts witnessed a negative performance of about 0.04%, to approach the level of $1,946.10 an ounce.

The most important factors affecting the movements of gold metal

And the rise of the US dollar index, which measures the performance of the US currency against a basket of 6 other major foreign currencies, caused pressure on gold prices during transactions, which prompted it to decline, against the background of an inverse relationship between the US dollar and the gold metal, which means that the rise The US dollar leads to a weakening of the attractiveness of the metals and commodities denominated in it, especially gold, because it increases the costs of owning it, and in this context; The US dollar index recorded an increase of 0.16% and reached about 104.143 points, which caused a decline in gold prices.

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