Gold prices rose during the week by about 1.4% after ending the last sessions of the week with a slight increase, as prices were affected by the US jobs report.
Upon settlement in the first September session, the price of gold futures contracts, for December delivery, rose by about 0.1%, or the equivalent of $1.2, to end the session at $1,967.1 per ounce. Gold prices did not rise much in the last sessions of the week, after the jobs and wages data were positive, and investor expectations increased that the Federal Reserve would not resort to further monetary tightening.
The jobs report showed that the US economy added 187,000 jobs during August, more than analysts’ expectations, which indicated only 170,000. The unemployment rate in the country rose to 3.8% from 3.5% in July. And in another sign of the slowdown in the economy. As inflation pressures subsided, average hourly wages rose by 4.29% on an annual basis, which is lower than expectations of 4.4%.
In a separate context, according to data from the Institute for Supply Management, the industrial purchasing managers index rose to 47.6 points in August, compared to 46.4 points in July, and against expectations of 47 points. Treasury bond yields declined and gold prices rose following the release of these data.
