The price of gold rose by $16.7 compared to the previous trading session, reaching a three-week high of $1,936.5 per ounce.
The release of the US Job Openings and Labor Turnover Survey (JOLTS) report and the Consumer Confidence Index showed lower-than-expected results, leading to increased demand for precious metals.
Gold continues to maintain a strong recovery but still carries some risk in the near future due to several economic news events that may have a significant impact on its price.
The release of the US Job Openings and Labor Turnover Survey (JOLTS) report and the Consumer Confidence Index showed lower-than-expected results, leading to increased demand for precious metals.
Gold continues to maintain a strong recovery but still carries some risk in the near future due to several economic news events that may have a significant impact on its price.
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The Fed has yet to signal a reversal in monetary policy. Therefore, the USD is still considered high and has little chance of a breakout for gold.
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According to the CME FedWatch tool, traders now see an 86% chance of the Fed leaving interest rates unchanged at its September meeting, up from 78% before the data.
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According to the US Bureau of Economic Analysis' second quarter gross domestic product report, the economy grew by 2.1%, lower than expectations.
