Gold prices witnessed a new rise on Thursday, after the precious metal in the previous session recorded its highest level in more than a week.
The rally was supported by weaker U.S. employment data than market expectations, along with lower oil prices.
Spot gold rose 0.8% to $4,063.56 an ounce.
During Wednesday’s session, it recorded a level of $4,114.99, the highest since June 23.
In contrast, U.S. gold futures for August delivery fell 0.2% to $4,075.60 an ounce.
Data from the A. D. The U.S. private sector added 98,000 jobs in June, compared with 122,000 in May.
These figures have strengthened expectations that the direction of US monetary policy may change in the coming period.
Meanwhile, oil prices fell after a new round of indirect talks between the United States and Iran ended in Doha.
without making tangible progress toward a lasting agreement. This decline contributed to additional support for gold prices.
Investors consider gold to be a safe haven in times of economic volatility.
However, higher interest rates reduce its appeal, as it does not yield a consistent return like some other assets.
Market forecasts, according to FedWatch, point to a 64 percent probability that the Federal Reserve will make a decision to raise interest rates in September.
Investors are now awaiting the release of US nonfarm payrolls data.
This may shape the next phase of gold prices and global financial markets.
Other precious metals, silver rose 1%, and platinum rose 0.4%.
Palladium gained 1.1%, indicating an improvement in the performance of the precious metals sector overall.
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