The pressure of the dollar on precious metals
The market witnessed a continuous decline in the price of gold, primarily driven by the significant influence of positive data released by the US on its labor market, specifically within the private sector.
According to ADP's report, the economy experienced a substantial addition of 324,000 jobs in July. This exceeded economists' expectations who had forecasted an increase of 191,000 jobs.
In light of limited information available to stimulate market growth, the robust recovery observed in the US dollar had an adverse effect on gold prices. This morning saw a surge in the US Dollar Index to 102.7 points - marking a three-week high and highlighting increased volatility for this currency.
According to ADP's report, the economy experienced a substantial addition of 324,000 jobs in July. This exceeded economists' expectations who had forecasted an increase of 191,000 jobs.
In light of limited information available to stimulate market growth, the robust recovery observed in the US dollar had an adverse effect on gold prices. This morning saw a surge in the US Dollar Index to 102.7 points - marking a three-week high and highlighting increased volatility for this currency.
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