In the gold market, the upward movement accelerated with economic data coming from the US and the dollar losing value on a global scale. Spot ounce gold, which had tested one-month lows in recent days, rose by 2.42 percent to 4,493 dollars following the US jobless claims data.
The weakening of the dollar against other currencies made the precious metal, which is priced in dollars, more attractive to investors. In the domestic market, gram gold also rose by 2.46 percent to the 6,978 TL level.
Markets are now turning their eyes to the US non-farm payrolls data to be announced on Friday. The fact that the previously released ADP private sector employment data pointed to a moderate increase in August strengthened interpretations that the official employment data might remain below expectations.
It is stated that weak employment data could affect expectations regarding the US Federal Reserve's (Fed) interest rate decision in September. Gold, which does not provide interest income, can find more support, especially in periods when the probability of an interest rate hike weakens.
Mixed signals regarding economic activity, employment, and price increases ahead of the Fed's September 15-16 meeting are complicating the decision-making process. It is also assessed that global geopolitical risks keep the demand for safe havens alive.
News Source: 12punto
