XAUUSD: Gold prices reversed and decreased when production showe
The world gold price reversed to decrease because on August 31, China announced that the purchasing managers index of the manufacturing sector in August had increased to 49.7 points. Although this is the 5th consecutive month this index has been below the expansion threshold of 50 points, it is much higher than the 49.3 points in July and the 49.4 points previously forecast.
Along with that, on August 31, the US economy showed that the labor market was still stable, when there were only 228,000 applications for unemployment benefits last week, lower than the forecast of 235,000 applications and the previous week's level of 232,000. single.
This information helped the USD reverse and go up last night and this morning. The Dolla-Index - measuring the strength of the USD in a basket of 6 major currencies, has dropped sharply by 0.47% compared to yesterday morning, reaching 103,600 points at 8:20 a.m. this morning (Hanoi time).
The 10-year US Government bond yield also increased sharply by 0.7% to 4.12%/year at 8:24 a.m. (Hanoi time). The yield on 2-year US Government bonds increased sharply by 0.85% to 4.867%/year.
Positive economic information and increased value of profitable assets have caused investors to return to taking profits on gold, pushing precious metal prices down. Today (September 1), the US will release the August jobs report and unemployment rate. If employment data is positive, gold will certainly continue to lose value. Because then the USD will continue to strengthen
Along with that, on August 31, the US economy showed that the labor market was still stable, when there were only 228,000 applications for unemployment benefits last week, lower than the forecast of 235,000 applications and the previous week's level of 232,000. single.
This information helped the USD reverse and go up last night and this morning. The Dolla-Index - measuring the strength of the USD in a basket of 6 major currencies, has dropped sharply by 0.47% compared to yesterday morning, reaching 103,600 points at 8:20 a.m. this morning (Hanoi time).
The 10-year US Government bond yield also increased sharply by 0.7% to 4.12%/year at 8:24 a.m. (Hanoi time). The yield on 2-year US Government bonds increased sharply by 0.85% to 4.867%/year.
Positive economic information and increased value of profitable assets have caused investors to return to taking profits on gold, pushing precious metal prices down. Today (September 1), the US will release the August jobs report and unemployment rate. If employment data is positive, gold will certainly continue to lose value. Because then the USD will continue to strengthen
