(AOF) – The price of an ounce of gold lost 0.79% to 1,792.60 dollars, better than expected employment figures in the United States reinforcing expectations of an aggressive monetary policy from the Fed . The United States created 528,000 jobs in July against 250,000 expected. The May and June figures were also revised from 384,000 and 372,000 to 386,000 and 398,000 respectively. The unemployment rate fell to 3.5%, while it was expected to be stable at 3.6%. . The average hourly wage increased by +0.5% in July, compared with a consensus of +0.3%.
As a result of the stronger-than-expected jobs numbers, markets are now pricing a 65% chance of a Fed rate hike of 75 basis points in September, up from 40% previously. They also now anticipate a peak for Fed rates at 3.60% at its monetary policy meeting in February 2023 against 3.45% before this publication.
Gold does not generate any income, so holding it has become relatively less attractive.
© AOF
Legal disclaimer
The AOF information reproduced on Capital.fr is taken from the AOF information service. This information is protected by intellectual property rights held by OPTION FINANCE SAS, publisher of the AOF real-time stock market information service, and its contributors. Consequently, any reproduction, copy, duplication, modification, transfer, redistribution, translation, commercial exploitation or not, creation of a hypertext link or reuse in any way whatsoever of this information is subject to the prior written consent of OPTION. FINANCE SAS and its contributors. AOF can be reached at the following address [email protected] OPTION FINANCE SAS collects its data from the sources it considers the safest. However, subject to its gross negligence, OPTION FINANCES SAS and its contributors in no way guarantee the absence of error and defects, even hidden ones, nor the exhaustive character or the lack of conformity for any use whatsoever of this data and of OPTION FINANCE SAS or one of its contributors, and cannot be held responsible for any delays or interruptions that may affect access to them. The user of the OPTION FINANCE SAS service will use the AOF data at his own risk and must hold OPTION FINANCE SAS and its contributors harmless from any claim resulting from this use.
Receive our latest news
Every morning, the information to remember on the financial markets.
