Gold Gains Slightly Amid Currency and Rate Signs
Gold prices rose slightly today, Wednesday, supported by a decline in the dollar, which makes the yellow metal more attractive to investors. The spot price of gold increased by 0.1% to reach $4,081.09 per ounce, while U.S. futures declined by 0.4%, recording $4,137.20. The U.S. labor market report for July is expected to be released, which will review the strength of the job market and its capacity to withstand potential interest rate hikes. Markets are currently betting on a 57% chance that the Federal Reserve will raise interest rates at its upcoming September meeting, amid assessments of how rising energy costs impact inflation and economic growth. Private sector employment decreased compared to the previous month, but signs of a stable labor market keep the door open for more aggressive monetary policies, which negatively affect gold's attractiveness given that it doesn't yield any income.
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