Gold prices stabilized during Monday’s trading, after approaching their highest level in nearly two weeks.
This followed the release of US jobs data, which came in weaker than expected.
This has boosted hopes that the pace of interest rate hikes in the United States will slow.
Spot gold settled at $4,175 and 2-year an ounce.
U.S. futures for August delivery also rose to $4,868 an ounce.
The yellow metal posted weekly gains of more than 2 percent, marking its first weekly gain after four consecutive weeks of decline.
This reflects an improvement in investor sentiment towards gold.
U.S. labor market data showed a clear slowdown in job growth in June.
Jobs estimates for the previous two months were also lowered, boosting expectations that the Federal Reserve may be reluctant to tighten monetary policy.
According to market estimates, the odds of a rate hike in September fell to around 55 percent, compared to more than 60 percent before the data was released.
Gold usually benefits from lower interest rates, as it does not generate a direct return for investors.
This week, investors await the release of the minutes of the Federal Reserve meeting.
This may provide new signals about the future of US monetary policy and the direction of interest rates in the coming months.
In the precious metals market, silver extended gains for the fifth consecutive session, reaching $62 and forty-seven cents an ounce.
Platinum also rose to $1,645 and five cents.
Palladium climbed to $1,275 and eighteen cents an ounce, continuing to post consecutive daily gains.
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