Gold Loses Its Luster With The Rise of The Dollar After The Statements of The US Fed

Gold prices came under pressure Thursday, August 5th, after comments from the US Federal Reserve boosted the dollar, while investors are now focusing on non-farm payrolls data for indications of a labor market recovery.

And gold fell in spot transactions 0.1 percent to $ 1809.91 an ounce, while US gold futures fell by the same percentage to $ 1812.10.

Gold prices rose more than 1% in the previous session on the back of the disappointing national employment report from the APD, but pared the gains after Fed Vice President Richard Clarida said that the conditions for raising interest rates could be met by the end of 2022.