Gold price stabilizes ahead of US non-farm payrolls data

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The price of gold traded in a limited range during trading today, Thursday, in the European session, in light of the markets anticipation of the expectations of the American monetary policy, following what was stated in the minutes of the last Reserve Bank meeting and the details it included on the future of interest rates, in addition to the investors’ anticipation of the monthly data for jobs in the non-agricultural sector. Which will be released on Friday.

At exactly 10:20 GMT, gold prices settled to trade an ounce at a price of $1253.45 from the opening price of the trading session at $1255.67, and the highest price per ounce was recorded at $1258.57, while the lowest price was recorded at $1252.67.

At the conclusion of yesterday’s trading, the gold price incurred losses by 0.1% for the first day in the last four days. These losses come after the US economy issued strong data for new jobs in the private sector for the month of March, which came better than expected, but the losses of gold were limited by what was included in the minutes Yesterday's Federal Reserve meeting.

gold price

Yesterday, the Federal Reserve published the details of the minutes of its last meeting, which was held in the middle of last month, and it included the bank’s commitment to implement the timetable for raising interest rates during this year based on economic data and its improvement during the coming period. About 4.5 trillion dollars and this will be discussed later this year, and this is expected to negatively affect interest rates during the coming period.

The US Department of Labor is scheduled to release tomorrow, Friday, the monthly report on the non-farm sector jobs in March, in addition to the unemployment rate and average wages, and these data will affect expectations of raising interest rates during the month of June.

Yesterday, the gold holdings of the “SPDR Gold Trust” fund, one of the largest gold-denominated funds in the world, remained unchanged for the second day in a row, bringing the total holdings at 836.77 metric tons, the highest since March 6.

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Mohamed Abdel Khaleq
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