US employment data for July did not meet expectations The US dollar and US bond yields fell sharply on Tuesday, helping gold prices soar by over $15

US employment data for July did not meet expectations

The US dollar and US bond yields fell sharply on Tuesday, helping gold prices soar by over $15

The main employment data in the United States in July began to approach pre pandemic levels, which is a sign of a cooling in the job market. The US dollar and US bond yields fell sharply on Tuesday, while the 10-year US bond yield hit a new low in nearly two weeks, helping gold prices soar by more than $15 and breaking a key position near the 55 day moving average of 1931.5. Spot gold closed at $1937.17 per ounce on Tuesday. International oil prices rose by more than 1% on Tuesday, and US crude oil rose to a week high due to the cooling expectations of the Federal Reserve's interest rate hike, the weakening US dollar, and the impact of hurricanes.

Gold climbed to a three week high on Tuesday, due to the decline in the yield of US dollars and treasury bond bonds. The weak labor market data made people doubt the possibility of the Federal Reserve raising interest rates again. Spot gold closed at $1937.17 per ounce on Tuesday, up approximately 0.9%; US futures closed 0.9% higher at $1965.10.