GOLD turn down
World gold prices decreased slightly in this morning's trading session. Spot gold fell to 1,989.6 USD/ounce, down 8.1 USD compared to yesterday's trading session. Meanwhile, gold futures decreased by 9.8 USD, to 1,991.8 USD.
Gold is under slight selling pressure after the US labor market unexpectedly improved with a decrease in the number of unemployment benefit applications. The latest data on the labor market helped the USD and US Treasury bonds recover, while pushing gold prices away from the important threshold of 2,000 USD/ounce. Previously, gold prices reached a 3-week high of 2,007.29 USD/ounce.
However, gold prices are still supported by the current macroeconomic context. Falling inflation and the market's expectation that the US Federal Reserve (Fed) will soon complete its interest rate hike cycle are factors that increase the appeal of gold.
Gold is under slight selling pressure after the US labor market unexpectedly improved with a decrease in the number of unemployment benefit applications. The latest data on the labor market helped the USD and US Treasury bonds recover, while pushing gold prices away from the important threshold of 2,000 USD/ounce. Previously, gold prices reached a 3-week high of 2,007.29 USD/ounce.
However, gold prices are still supported by the current macroeconomic context. Falling inflation and the market's expectation that the US Federal Reserve (Fed) will soon complete its interest rate hike cycle are factors that increase the appeal of gold.
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