2023-09-02 22:02:08
Gold prices rose during the week, regarding 1.4%, following ending the last sessions of the week with a slight increase, as prices were affected by the US jobs report.
Upon settlement in the first September sessions, the price of gold futures, for December delivery, rose by 0.1%, or the equivalent of $1.2, to end the session at $1967.1 an ounce. Gold prices did not rise much in the last sessions of the week, following the positive jobs and wages data, and increasing investor expectations that the Federal Reserve will not resort to further monetary tightening.
The jobs report showed that the US economy added 187,000 jobs in August, more than analysts’ expectations, which indicated only 170,000. The unemployment rate in the country rose to 3.8% from 3.5% in July. In another sign of a slowdown in the economy As inflationary pressures eased, average hourly earnings rose 4.29% year-on-year, below expectations of 4.4%.
In a separate context, according to data from the Institute for Supply Management, the manufacturing purchasing managers’ index rose to 47.6 points in August, compared to 46.4 points in July, and once morest expectations of 47 points. Treasury yields declined and gold prices rose following the release of this data.
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