Today, Wednesday, the spot gold price continues to rise for the third day in a row, as the precious metal now records $1945.60 an ounce, which is the highest level it has reached since the eighth day of August, and on a monthly basis, we notice that it is still moving at the same levels as the previous months in a sideways direction, And the price of gold futures contracts is recorded at 1973.40 dollars an ounce.
A little while ago, the rate of change in US non-farm payrolls for the month of August was released by ADP, and the reading came at 177 thousand jobs, which is a lower than expected number, and this means that the employment sector is contracting in the United States, which indicates that the monetary policy of the Reserve Bank The Fed paid off.
This economic indicator comes days after Federal Reserve Governor Jerome Powell said at the Jackson Hole Economic Symposium that the economy needs more interest rate hikes to control inflation and reach the desired goal of 2%, but he indicated that things will be less severe and interest rates will be raised gradually. These indicators and steps will inevitably be reflected in the price of gold, because the dollar is the currency in which precious metals and other commodities are priced.
On Friday, the first of September, we follow the American jobs report for the month of August, which includes economic indicators that express the progress of the employment sector in the United States. It is issued by the Labor Statistical Bureau. These indicators are the unemployment rate, the change in jobs outside the agricultural sector, and average hourly wages. monthly basis.
The work sector is one of the most important indicators that monetary policy makers take into account when setting the interest rate. When the strength of this sector increases, individuals can buy and consume more, which increases inflation and the Fed’s tendency to raise interest further.
If we monitor the prices of other metals, we find that silver reached a price of $25.20 per ounce, while copper recorded a price of $3.78, platinum recorded a price of $988.70, and finally, palladium recorded a price of $1242 per ounce.
