Gold market sells-off

“Better than expected,” the U.S. Labor Department reported that nonfarm payrolls rose to 943,000 in July. This number was well above analysts’ estimates of 870,000.

This fueled expectations for the Fed’s stimulus package and negatively impacted gold prices, which fell to $1760.45/ounce. The gold price failed to break through resistance at $1813-1816/ounce. This led to a profitable sell-off and dropped the price to the support line at $ 1790-1776 per ounce.

The number of unemployed fell to 5.4% in July. It was below analysts’ estimates of 5.7 percent, after reaching 5.9 percent in June.

This was reported by the U.S. Department of Labor in July. The government added 240,000 jobs, while the private sector added 703,000.

At the same time, average hourly earnings for workers rose 0.4% year over year.

The hourly wage number is an important indicator for the Federal Reserve (Fed) of signs of inflation.

The number of new entrants to the U.S. labor market, which indicates the ratio of the labor force to the total population, rose to 61.7%.

Source: https://www.bangkokbiznews.com/

The spot Market is Closed

Sat 7 Aug-2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change
 
Low/High
Gold
04.00
1762.90
1763.90
-41.20
-2.28%
1758.50
1805.90  
Silver
04.00
24.38
24.48
-0.76
-3.02%
24.21
25.30  
Platinum
04.00
975.00
985.00
-20.00
-2.01%
966.00
1011.00  
Palladium
04.00
2562.00
2712.00
-24.00
-0.93%
2560.00
2758.00  
Rhodium
04.00
18150.00
20150.00
0.00
0.00%

18150.00
20150.00  
Energy
Updated at
 
Price

 Change
 
%Change

Crude Oil 06.00
67.83-1.26-1.82%
      
source https://www.kitco.com/

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