(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.
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