July 5, 2021

Thats it! Gold Rises Again

 Gold prices traded higher in the Asian session after rising to a two-week high on Friday following mixed US NFP readings.

In the Asian session, the precious metal traded around $ 1,788 per ounce, slightly down from the highest level reached at $ 1,795 per ounce last Friday.

The U.S. economy added 850,000 jobs in June, exceeding market expectations for an increase of 700,000. The unemployment rate fell short of expectations by rising to 5.9% from a projected decline of 5.6%.

This reading was initially welcomed by investors with the USD showing improvement. Still, with the U.S. stock market also displaying gains, causing the greenback dollar to cut gains.

Following the depreciation of the USD, gold took advantage of the opportunity to rise to a two -week high.

Gold has initially risen following concerns that a sharp rise in Covid-19 infection cases in several key countries will hamper the global economic recovery.