The price of gold futures continued to rise, recently breaking through $ 1,980, driven by the weakening of the dollar. and the fall in US government bond yields. after the disclosure of US employment numbers
At 8:47 p.m. Thai time, the COMEX (Commodity Exchange) gold contract is delivered in December. plus $ 12.20 or 0.62% to $ 1,981.40 / ounce
A weaker dollar increases the attractiveness of gold. By making gold contracts cheaper for holders of other currencies. As for the fall in US government bond yields. This will reduce the opportunity cost of holding gold. Because gold is an asset without interest in the form of interest.
dollar depreciation While US government bond yields declined. after the release of US employment numbers that are lower than expected This will slow down the interest rate hike by the US Federal Reserve (Fed).
The US Department of Labor said that Nonfarm payrolls rose by 187,000 in July. This was below analysts’ expectations of 200,000 positions.
The unemployment rate fell to 3.5 percent, below analysts’ expectations of 3.6 percent.
In addition, the US Department of Labor has revised the employment numbers for June. Adjusted to an increase of 185,000 positions from the previously reported increase of 209,000 positions.
Meanwhile, workers’ average hourly wages rose 4.4 percent in July year on year. That was above analysts’ expectations of 4.2%.
month by month Average hourly wages for workers rose 0.4 percent, above analysts’ forecast of 0.3 percent.
Hourly wage numbers are the top priority for the Federal Reserve (Fed) in looking for signs of inflation.
As for the rate of entry into the US labor market. which represents the ratio of the labor force to the total population at 62.6%.
2023-08-04 13:51:25
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