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Gold Analysis Today 22/8: Gains May Continue (Chart)
(MENAFN- Daily Forex)
- Gold prices reached $2,520 per ounce on Wednesday, setting a new all-time closing high as more dovish expectations from major central banks lowered bond yields and favored demand for non-interest-bearing bullion assets.
- The US nonfarm payrolls were revised down by about 820,000 for the year ending in March 2024 after estimates from QCEW.
- As a result, the findings reinforced concerns about the US labor market being significantly impacted by high borrowing costs following the weaker-than-expected job numbers in July, strengthening the case for the Federal Reserve to deliver aggressive US interest rate cuts this year.

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