Gold price advances almost 1% as the Greenback (USD) gets battered across the board, undermined by falling US Treasury bond yields after data prompted
investors to cut bets on additional rate hikes by the US Federal Reserve . Hence, XAU/USD is trading at $1,937.89 a troy ounce after hitting a daily low of $1,914.57.
Data released by the US Bureau of Labor Statistics indicated a substantial miss in Job Openings for July, falling far short of the estimated 9.465 million at 8.827 million and below June’s 9.165 million. This, coupled with a decline in the quits rate, suggests reduced confidence among Americans regarding their prospects for finding a new job.
It’s worth noting that the labor market in the US is gradually easing, albeit not at the pace initially anticipated by the Federal Reserve. Powell’s comments regarding the tightness of the job market, which supported rate hikes, might be set aside for the September meeting. Nonetheless, the approaching USreport for August, estimated at around 170,000 jobs, advises a cautious approach.
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