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02.08.2013 15:22

Gold: an overview of the market situation

Gold prices rose sharply, cutting off at the same decline that was recorded earlier. Note that the recovery of gold helped mixed signals about the U.S. labor market, which reduced the likelihood that the Federal Reserve will begin to reduce the amount of the asset purchase program next month.

It is learned that U.S. employers added jobs at a slower pace in July, offering a more stable, but not spectacular economic growth in the summer. Employment in the U.S. increased by 162,000 last month, the Labor Department said on Friday. The unemployment rate fell two-tenths of a percentage point to 7.4%, its lowest level since December 2008. Economists had expected an increase of 180,000, and a decrease in the unemployment rate to 7.5%.

The latest report on the labor market shows that slow economic growth may put pressure on the employers. Raising taxes, reducing government spending and slower growth abroad, holding back the economy for several months, although the pace of hiring to be strong this year. In addition, it was reported that the Department of Labor revised down jobs totals for the previous two months to 26,000 in total. Over the past 12 months, the economy added an average of 189,000 jobs per month, enough to slow down the unemployment rate from 8.2% level in July 2012.

We also add that weak economic growth prompted the Fed to leave unchanged the amount of asset-purchase program. The economy grew by 1.4% year on year in the first half of the year.

Also today, it was reported that gold holdings in SPDR Gold Trust - the largest gold exchange-traded fund in the world, fell on Thursday by 0.7% to 921.05 tons, reaching in this four-year lows.

The cost of the August gold futures on COMEX today rose to $ 1312.70 per ounce.


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