Forex

Gold prices were stable on Friday in the European market within a narrow range of trading

<script async src=”https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js”></script>
<script>
(adsbygoogle = window.adsbygoogle || []).push({
google_ad_client: “ca-pub-1845146646322981”,
enable_page_level_ads: true
});
</script>

Gold prices were stable on Friday in the European market within a narrow range of trading, as investors abstained from building any new buying positions ahead of the publication of several important data on the US economy on non-farm payrolls data in the United States

Which is supposed to provide any new evidence on the path of growth of the largest economy in the world, as well as the possibility of increasing US interest rates for a fourth time this year.

By 08:22 GMT, gold is trading around $ 1198.87 an ounce from the opening level of $ 1199.68, reaching a high of $ 1200.33, while a low of $ 1197.13.

The precious metal ended yesterday’s trading up 0.2%, marking its second daily gain in the last three sessions, as a result of a relative improvement in the level of investment demand on safe assets after the decline of the majority of global stock markets.

US 10-year bond yields rose this week to their highest level in seven years, after strong economic data in the United States, which contributed to strengthening the possibility of Federal Reserve Federal Reserve increasing interest rates during its meeting in December, After the remarks of “Jerome Powell,” President of the Council.

Federal Reserve Chairman Jerome Powell said on Wednesday that the central bank may raise interest rates at a higher rate than expected and expected if the world’s largest economy continues to grow positively.

In order to re-evaluate the growth path of the world’s largest economy and the pace of tightening US monetary policy, investors are looking forward to several important data on the labor market in the United States, especially the new jobs data in the non-agricultural sector.

The new jobs data in the non-agricultural sector are due to be released at 12:30 GMT. The US economy is expected to add 185,000 new jobs in September compared with 201,000 in August, Per capita income per hour is expected to rise by about 0.3% from a rise of 0.4% last month.

Gold holdings in SPDR Gold Trust, the world’s largest gold-backed fund, continued yesterday with little change to remain at a total of 731.64 mt, the lowest level since 19 February 2016.

Leave a Reply

Your email address will not be published. Required fields are marked *