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Gold price reaches lowest since March


August, 09 2021
watermark Economic news

At the beginning of a new trading week, the price of gold fell to its lowest level since the end of March, reaching $1.677.90 an ounce. The precious metal was put under pressure from strong statistics on the US labor market, which heightened fears of the Fed curtailing stimulus measures. In the middle of the day, the asset managed to recover somewhat: the current quotation is $ 1.745 per ounce.


Last Friday, the US Department of Labor presented statistics on the labor market in the country, which turned out to be better than forecasted. In particular, unemployment in the country in July fell to 5.4% from the June level of 5.9%. Analysts had expected unemployment to fall to 5.7%.


The number of people employed in non-agricultural sectors of the economy increased by 943 thousand instead of the expected 870 thousand.


The pressure of these data on gold is explained by the fact that strong statistics on the labor market, indicating the recovery of the American economy, may prompt the Fed to limit support measures, which will provide strong support for the dollar. And the strengthening of the greenback will inevitably restrain the demand for gold, which will become less available when purchased in another currency.



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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.