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The Price Of Gold Surpasses $85 / U.S. Non-Agricultural Data Good For July


The Price Of Gold Surpasses $85

After the opening of the Asian market, the gold price fell sharply since the closing level of last Friday, which was close to 1763. The price of gold fell below $1,700 per ounce, the first time since March 31. Subsequently, the price of gold fell further, reaching a minimum of US$1679.38 per ounce. According to statistics, COMEX's most active gold futures contract traded 3220 lots in one minute at 06:57 on August 9th, Hong Kong time, with a total trading contract value of US$550 million. According to the report of the US Department of Labor, the non-agricultural employment population in the US recorded an increase of 943,000 after the seasonal adjustment in July, the largest increase since April last year, and an expected increase of 870,000. The unemployment rate in the United States fell to 5.4% in July, the lowest since April last year. It is expected to be 5.7% and the previous value is 5.9%. Because the non-agricultural employment report was unexpected by the market, the price of gold fell sharply by US$50 on last Friday.

U.S. Non-Agricultural Data Good For July

The number of non-agricultural jobs in the United States increased by 943,000 in July, and the number was revised upward to 938,000 in June. As for July, the unemployment rate dropped sharply to 5.4%, and in June it was 5.9%. Such strong employment figures immediately strengthened the market’s expectations of the Fed’s early debt reduction, and also explained that last week’s U.S. benchmark 10-year bond interest rate rose sharply from about 1.23% before the employment figure was released to 1.305% after the figure was released. reason. However, the United States still lost 5.7 million jobs before the epidemic. In addition, before it is clear how the Delta virus will affect the United States, it is expected that the Fed will not rush at this stage, or announce the timetable for debt reduction at the Fed's annual general meeting (Jackson Hole) on 26-28 this month. It is not ruled out that when the school starts the new school year, we will see the Delta virus infection situation at that time. In addition, on September 6th, after the US Biden government's additional subsidy of $300 per unemployed person ends, it is clear that the Fed will set a timetable for debt reduction. At present, the market generally believes that the Fed is going to announce the reduction of debt purchases, and the fastest day will be the interest rate meeting at the end of September.

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