Gold Needs an Injection of Energy!

 Lack of market confidence prevented trading of the precious metal gold to rise higher ahead of the publication of the NFP jobs report on Friday.

In the Asian session, gold prices continued to move around the same price at $ 1,812 per ounce, with gold futures being positive at $ 1,815 per ounce.

Movement in U.S. dollar trading has also not changed much, following the continued weakness exhibited in 10 -year U.S. treasury yields.

The current Covid-19 situation has helped support gold trading, as investors began to take precautionary measures before major US jobs data were published.

The release of US ADP private employment data tonight will be the focus of the market, which will serve as a clue to the NFP report to be released on Friday.

Investors will take a closer look at the July jobs report, to find out how the Fed will take action and a timeline to tighten monetary policy.

Federal Reserve (Fed) Governor Michelle Bowman says the labor market will take time to recover from the effects of this pandemic and more needs to be done for the economy to fully recover.

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