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Gold is rising after the morning fall


October, 06 2021
watermark Economic news

Gold on Wednesday demonstrates high trading volatility: in the morning, the precious metal fell to $1,745 per ounce, then rose sharply to $1,761. The current quote of the asset is $1,757 per troy ounce.


The pressure on the metal is exerted by the growth of US government bond yields and the strengthening of the dollar amid expectations of the publication of an important report by the US Department of Labor on Friday.


Investors are actively buying up the dollar, which is a protective asset on a par with gold, thus hedging the risks of accelerating inflation and slowing economic growth. The rising dollar also reduces the attractiveness of gold as an investment object for holders of other currencies.


The important Nonfarm payrolls report will be released on Friday. At the same time, unemployment data will be published in September. Analysts predict that the number of jobs in the United States, excluding the agricultural sector, increased by 473 thousand, and unemployment fell to 5.1% (from August 5.2%).


It is worth noting that even if the employment data does not show positive dynamics and simply coincides with forecasts, the US Federal Reserve is likely to start curtailing incentives anyway. And this puts additional pressure on gold.


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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.