Gold surpasses $4,400 on US data
Gold prices surged by over 3%, reaching approximately $4,360 per ounce in spot trading. U.S. gold futures hit $4,413. This followed the release of disappointing U.S. labor market data, which showed a loss of 23,000 jobs in July and led to a decline in the dollar and reduced expectations for U.S. interest rate hikes. As a result, demand for the precious metal as a safe haven increased. Additionally, China continued to increase its gold holdings for the 21st consecutive month, indicating a move toward diversifying its reserve assets. The rise in gold is attributed to concerns over a potential slowdown in the U.S. labor market and the fading hopes of interest rate hikes in upcoming meetings.
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