The US dollar rose and fell on Thursday, with gold prices approaching their lowest in over three weeks.Rising US dollar and US bond yields have reduced the attractiveness of gold, waiting for non-farm data

CWG Markets

The US dollar rose and fell on Thursday, with gold prices approaching their lowest in over three weeks.Rising US dollar and US bond yields have reduced the attractiveness of gold, waiting for non-farm data

The US dollar fell from a four week high on Thursday, and on the day before the release of the key employment report, data from the US labor market failed to leave a deep impression. At the same time, US government bond yields rose, but short-term bond yields fell. Gold prices were close to their lowest in more than three weeks, and investors remained cautious ahead of the release of US July non farm employment data due to the strengthening of the US dollar and rising US government bond yields; Oil prices have risen by about 2% as Saudi Arabia and Russia take measures to maintain supply shortages in September or even longer.

Gold prices approached their lowest level in more than three weeks on Thursday, as investors remained cautious ahead of the release of July US non farm payrolls data due to the strengthening US dollar and rising US government bond yields. The US dollar has reached its highest level in four weeks, and the yield on 10-year US government bonds has risen to its highest level since November. Ryan McKay, a commodity strategist at TD Securities, said: “The employment data on Friday has attracted much attention, especially recently we have seen some stronger data, which has affected market sentiment and, to some extent, contributed to the view that the Federal Reserve may have to maintain high interest rates for a longer time.” The data released on Wednesday showed that the growth of US private employment in July exceeded expectations, indicating that the labor market continues to remain resilient.