Gold prices show volatility ahead of inflation and employment data

Activity in the gold market was observed after the ADP private sector employment data released yesterday in the US fell well below expectations. Gold per ounce, which stands out as a safe haven in global markets, has become the focus of investors due to the impact of economic indicators. In Turkey, gram gold began the day with an increase ahead of the inflation data to be released by the Turkish Statistical Institute today at 10:00.

LIMITED CHANGE IN OUNCE GOLD

The non-farm payroll figures to be released in the US today are being closely monitored by the markets. While an increase of 100 thousand was expected in yesterday's ADP data, a decrease of 33 thousand in employment pushed the price of gold per ounce up to the 3365 dollar level. However, in the morning hours, gold per ounce continued to trade at the 3353.67 dollar level, with a limited decline of 0.2 percent compared to the previous day.

The non-farm payroll report to be released today at 15:30 is expected to show an increase of 110,000. This increase was 139 thousand in the previous month. Analysts evaluate the 3320 dollar level as support and 3366 dollars as the resistance point for gold per ounce during the day. Concerns that trade wars could return to the agenda on July 9 and the latest employment figures reflected in the market are leading investors to turn to gold as a safe haven.

GRAM GOLD ON THE RISE BEFORE DATA RELEASE

Domestically, eyes have turned to the inflation announcement, which closely concerns millions of citizens. Gram gold began the day at the 4 thousand 305 lira level. The exchange rate and the data atmosphere in the US continue to affect gram gold. It is stated that new volatility may be experienced in the markets following today's inflation rates.

News Source: 12punto