Gold Price Extends Its Softening Trend as the Market Expects More Trouble for The Metal, Following US Job Data

Gold

Gold prices have been losing in the past 24 hours, sending XAU/USD to its lowest since July. The anti-fiat gold inversely tracked a stronger US Dollar as the 2-year Treasury yield closed at a new high for this year. The constant rate hike by the Fed is seriously affecting the yellow metal, especially in the United States.

Traders who are trying to extend favorable sentiments to gold have spent most of last month altering expectations of a different direction from the Federal Reserve in 2023. This expectation has caused the government bond yields and the US Dollar to increase.

The market is at the moment awaiting the US’s next jobs in the next 24 hours. In addition, Non-farm payrolls in august lessened to 300k lower than the 528k print in July.

Despite this, the forecasts continue to hint at a tight labor market in the US. The unemployment rate is currently holding at 3.5%, as the labor force participation rate rose to 62.2% from 62.1%. Job openings in the month of July totaled about 11.2 million, scaling far above the pre-pandemic percentage. There might always be an increase in solid jobs data underpinning a hawkish Fed, further denting the yellow metal.

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