Gold price senses buying interest ahead of key labor market data
- Gold price recovers as investors await US labor market data.
- The US Dollar Index struggles for a firm footing as US Factory activities contract for ninth months consecutively.
- Impact of a decline in Gold demand, reported by the World Gold Council, starts fading.
Gold price (XAU/USD) bounced back after gauging intermediate support near its three-week low around $1,940.00 on Wednesday. The precious metal discovers support as the impact of a decline in gold demand reported by the World Gold Council (WGC) fades and the United States Manufacturing PMI continues its contracting spell for the third quarter in a row.
A power-pack action is anticipated in the Gold price as Automatic Data Processing (ADP) will report US private employment data. The employment data will set the undertone for the interest rate decision by the Federal Reserve (Fed) for its September monetary policy meeting as labor market conditions have remained extremely tight.
Gold price senses buying interest ahead of key labor market data
- Gold price recovers as investors await US labor market data.
- The US Dollar Index struggles for a firm footing as US Factory activities contract for ninth months consecutively.
- Impact of a decline in Gold demand, reported by the World Gold Council, starts fading.
Gold price (XAU/USD) bounced back after gauging intermediate support near its three-week low around $1,940.00 on Wednesday. The precious metal discovers support as the impact of a decline in gold demand reported by the World Gold Council (WGC) fades and the United States Manufacturing PMI continues its contracting spell for the third quarter in a row.
A power-pack action is anticipated in the Gold price as Automatic Data Processing (ADP) will report US private employment data. The employment data will set the undertone for the interest rate decision by the Federal Reserve (Fed) for its September monetary policy meeting as labor market conditions have remained extremely tight.
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