Gold prices rise more than 1% in conjunction with the dollar’s decline by 0.7%, following it rose yesterday to its highest level in a week.
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Gold rose more than 1%.
The price of gold rose more than 1%, today, Thursday, with support from the decline in the dollar, and data that showed that US private sector jobs rose less than expected last month.
And the price of gold rose 1.2 percent in spot transactions to $ 1868.41 an ounce (an ounce), following it jumped earlier to the highest level in a week, and US gold futures increased 1.2 percent at the settlement to $ 1871.4 an ounce.
In conjunction, the dollar fell 0.7%, following rising yesterday to its highest level in a week.
“The jobs data is already raising recession fears that have been brewing in the market and supporting gold,” said Ryan McKay, commodity analyst at TD Securities.
The data from the National Employment Report showed that “private jobs rose by 128,000 jobs last month, versus expectations for an increase of 300,000 jobs.”
The weekly jobless claims report also showed that “the number of Americans who applied for new benefits decreased while demand for labor remained strong.”
As the Federal Reserve tries to curb the demand for labor as it tries to tame soaring inflation, it needs to do so without pushing the unemployment rate too high.
As for other precious metals, silver rose in spot transactions 2.1% to $22.26 an ounce, and platinum rose 2.7% to $1023.69 an ounce.
Palladium also jumped 2.5% to $2,047.73 an ounce, following rising 5.5% earlier to $2,107.15, its highest level in two weeks.
