Bullion Price Outlook Today, 04 August 2023: Gold price trades back and forth as investors are sidelined ahead of the US NFP (labor market) report. The precious metal struggles to deliver a decisive move as the labor market report will set a fresh undertone for the Federal Reserve’s September monetary policy.
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- Gold price remains confined in a narrow range around the $1,927 level.
- The upbeat data could convince the Federal Reserve (Fed) to hike additional rates.
- The renewed tensions between the US-China might benefit gold, a traditional safe-haven asset.
- All eyes are on the US Nonfarm Payrolls, Unemployment Rate data due later in the day.
Gold traders will take cues from the US wage inflation and employment release on Friday ie today. The stronger-than-expected report could persuade the Federal Reserve (Fed) to hike rates for the rest of the year. This, in turn, benefits the greenback and acts as a headwind for gold. It is worth noting that gold is sensitive to rising interest rates as this increases the opportunity cost of holding non-yielding bullion.
In addition, a US House committee said on Thursday that President Joe Biden needs to limit outbound US investment in China, especially in key industries that could undermine national security. Reuters sources said Biden could impose more outbound investment restrictions on China in the coming weeks. Escalating US-China tensions may put some pressure on the US dollar and traditional safe-asset gold may benefit.
Looking ahead, all eyes are on US non-farm payrolls data due later in the day. The US economy is expected to add 180,000 jobs in July. Also, the unemployment rate and average hourly earnings will be released on Friday. The unemployment rate is expected to remain at 3.6%, and median hourly earnings are expected to increase annually by 4.2%. Market participants find trading opportunities around the price of gold.
मंगलवार की शुरुआत में सोने की कीमत पिछली गिरावट को तीन सप्ताह के निचले स्तर 1,926 डॉलर तक बढ़ा रही है। ऐसा प्रतीत होता है कि जोखिम-विमुखता की एक ताजा लहर एक टेलविंड के रूप में काम कर रही है, जो संयुक्त राज्य अमेरिका डॉलर (यूएसडी) के लिए सुरक्षित-हेवन मांग को पुनर्जीवित कर रही है, क्योंकि व्यापारी एक्सएयू/यूएसडी मूल्य में नए दिशात्मक प्रोत्साहन के लिए चीन और अमेरिकी मुद्रास्फीति डेटा का उत्सुकता से इंतजार कर रहे हैं।