Gold at a 3-week low with losses of 1.1%

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Gold lost ground on Friday, with the precious metal under pressure from the dollar, which moved upwards following positive news from the US labor market, which indicates that the Fed’s aggression will continue at higher interest rates in the coming months, and loses its intra-conference profits.

The Ministry of Finance announced that the US economy added 390,000 jobs in Mayfar exceeding the average analyst estimate in Reuters for 318.00 new positions.

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The unemployment rate remained unchanged at 3.6% against expectations for a decrease to 3.5%, while the average hourly wage increased by 0.3% compared to forecasts for an increase of 0.4%.

“Traders were expecting a stronger slowdown due to employment growth that could potentially prompt the Fed to raise interest rates by 50 basis points in September,” said Edward Moya, an Oanda analyst.

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“In June and July we are expected to see interest rates rise by half a point, ‘the economy is not paving fast,'” Moya said.

Analysts estimate that gold will continue to be under pressure, as expectations for an aggressive increase in interest rates by the Federal Reserve support the dollar, which today strengthened by 0.3%.

In this climate, the gold August delivery fell 1.1%, or $ 21.20, to $ 1,850.20 an ounce, down 0.3% on the week, despite the precious metal reaching its highest level since May 9 at 1,873.79. intra-conference dollars. The price of gold closed at its lowest level since May 12.

The silver July delivery lost 1.9% to $ 21.85 an ounce, down nearly 1% on the week.

The July delivery contract for platinum slipped 1.4% to $ 1,008.35, but strengthened significantly during the week by 5.6%, its best week since February 2022.

The palladium delivery in September fell 3.4% to $ 1,983.20, while in the week it plunged 3.8%.

THE copper July delivery fell 1.8% to $ 4.47 a pound.

Source: Capital

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