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Gold rises after US jobs data

Adel 10 July, 2023 9:32 am Commodities, Forex Market, Market Update

Gold prices rose in early Asian trade on Monday after last week’s US jobs data overshadowed the strength of the labor market, prompting investors to be more cautious about the path of US interest rate hikes.

By 0104 GMT, spot gold rose 0.1 percent to $1925.49 an ounce, and US gold futures fell 0.1 percent to $1931 an ounce.

A jobs report released by the US Labor Department on Friday revealed that the US economy added the lowest rate of jobs in two-and-a-half years in June.

Higher interest rates undermine the attractiveness of non-interest-bearing gold.

As for other precious metals, silver increased in spot transactions by 0.1 percent, to $ 23.09 an ounce. Platinum rose 0.4% to $911.40 an ounce, and palladium rose 0.2% to $1,246.86 an ounce.

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