Gold became 16 dollars cheaper

According to the report of Fars International Economic Group, quoted by Reuters, the price of gold lost more than 1% of its value in the last business day of global markets due to the strong report of American job opportunities.

The publication of this report has strengthened the hope of continuing the contractionary policies of the Federal Reserve.

Gold was down $15.78 an ounce at $1,775.50. The price of gold increased by 0.4% during the last week.

Market analyst Bart Malek said: “Gold recently strengthened due to the view that the Federal Reserve is changing its approach from a tight stance to a dovish stance, but the jobs report shows that the US economy is strong and the central bank of the country is tightening (to curb) inflation) will hit, which is not good for gold.

Rising interest rates hurt gold because gold is an interest-free asset.

US employers hired more workers in July and the unemployment rate fell to 3.5%.

A positive picture of the unemployment rate gives the Fed more room to raise interest rates in the future. The rising trend of the gold price is likely to be limited at $1,800.

Indicator The dollar rose 1.1 percent, making gold more expensive for holders of other currencies.

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