Gold price rises to highest level in 3 weeks
The price of gold continues to rise, with gold reaching $1935.5 per ounce.
Gold surged to its highest level in three weeks after the release of the US job report and consumer confidence index, both of which were lower than expected.
Both reports support the monetary policy stance of the United States, indicating that the Fed has raised interest rates enough to effectively slow down US economic growth. This marks the beginning of an important week for US economic reports and remains a key factor impacting gold prices before inflation returns to its 2% target.
Gold surged to its highest level in three weeks after the release of the US job report and consumer confidence index, both of which were lower than expected.
Both reports support the monetary policy stance of the United States, indicating that the Fed has raised interest rates enough to effectively slow down US economic growth. This marks the beginning of an important week for US economic reports and remains a key factor impacting gold prices before inflation returns to its 2% target.
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According to the CME FedWatch tool, traders now see an 86% chance of the Fed leaving interest rates unchanged at its September meeting, up from 78% before the data.
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According to the US Bureau of Economic Analysis' second quarter gross domestic product report, the economy grew by 2.1%, lower than expectations.
