16 July
Gold continues its decline while dollar strengthens in anticipation of nonfarm payroll data release
Gold prices keep falling, while the US dollar is increasing as investors and traders anticipate the upcoming release of nonfarm payroll data.
Despite a decrease in employment being forecasted in August in comparison with the previous month, if the reading is better than it's suggested at the moment, the Fed will likely have broader possibilities of more aggressive moves towards rate increasing for the rest of the year.
Gold prices have been falling lower and lower for almost half of a year, and this process is linked to the raising of interest rates in the US and the subsequent gain of the US currency and Treasury yields.
At the moment, the experts are forecasting a more than 70% possibility that the Fed will raise the rates by 75 basis points this month.
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