Gold price turned to increase slightly at the end of the week

Gold prices stood at $1,942, slightly increasing following the release of the US July employment report. According to the US Bureau of Labor Statistics, non-farm payrolls increased by 187,000 jobs in July, slightly lower than the expected 200,000 jobs.

The report highlighted that the country's unemployment rate improved, decreasing to 3.5% from 3.6% in June, surpassing the expected rate of 3.6%. This is the lowest rate since 1969.

Komen:

After the employment survey was released, the US dollar (DXY index) declined due to falling Treasury yields. At the same time, gold prices increased to $1,940, influenced by changes in fixed-income investments.

Komen:

This week, 15 Wall Street analysts participated in Kitco News' Gold Survey. Of these analysts, 8 (53%) expect gold prices to increase next week, while 6 (40%) have a neutral outlook. Only 1 analyst (7%) predicts lower gold prices in the next seven days.

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Komen:

The central bank's gold demand reached a record high, indicating the significance of gold as a safe haven asset amidst global political tension and challenging economic conditions. Despite a slower growth rate in Q2, the central bank's trend of purchasing gold has controlled the gold market.