In the last two weeks, Gold held steady with dollar supporting the price as well as monetary tightening in the US along with jobs data – that has been released.
The job data has been very good with this price of metal has been under pressure. Given the fact that there has been geopolitical uncertainty in the global arena that gold prices has been volatile since the last week.
With that, Gold has been seen as alternative investment in these times of political as well as financial vagueness.
Spot prices of gold have seen a rise of 0.1% to be at USD 1,258.69 per ounce today. In the last week, the prices touched the lowest to clock at USD1,254 an ounce.
Jobs growth in the US
The stock price rise in Asia along with dollar moderating most gains with jobs growth in July has pressured the prices of Gold. With dollar growing and becoming precious than other currencies, together with higher interest rates may also impact the prices of Gold going forward.
US employers were able to hire more workers than expected in the month of July with it they also raise wages. Investors were seen quickly liquidating long positions with market pricing and interest hike by Fed that might be just round the corner.
Although, losses were limited but the investors were not convinced completely. Spot Gold may retest was at USD 1,255 per ounce. Gold would be trading at tight range because of low level of liquidity.