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Gold Rally Depends on U.S. Jobs
Investors' attention is focused on the U.S. jobs report for July, with expectations that the future direction of gold prices will be determined based on the results of this report. The precious metal achieved its largest weekly gain since January, as demand for safe-haven assets increased due to ongoing economic uncertainty. Global gold prices rose by 1.5% to reach their highest levels in seven weeks, around $4,316 per ounce. Locally in Egypt, gold prices maintained their upward trend, supported by the strength of the metal in global markets, despite the dollar's decline against the Egyptian pound. Expectations suggest that continued trading of gold above the $4,200 level could strengthen the upward trend, with a possible test of the $4,300 mark, while the $4,000 level remains a strong support zone when U.S. data show either weak or strong figures.
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