Gold Rebounds From a Decline!
Gold prices remained stable at the start of the week after hitting their highest level in two months last Friday. This increase was driven by two main factors: a weak US jobs report and President Donald Trump's new trade tariff policy. Currently, gold is approaching $3,360 per month, after previously surging 2.2% due to growing investor concerns about the direction of the US economy and interest rates.
Data from the Bureau of Labor Statistics showed that only 73,000 new jobs were created in the US in July, well below expectations. Furthermore, data from the previous two months was revised down by nearly 260,000 jobs. This situation reinforced expectations that the Federal Reserve would cut interest rates in the near future. Shortly after the report was released, President Trump fired the head of the bureau, adding to political tensions and dampening the market.
Gold, a safe-haven asset, received an additional boost from rising global concerns. So far this year, gold prices have risen more than 25% due to Trump's unstable economic policies and geopolitical tensions in various countries. Investors and analysts expect gold's upward trend to continue, especially if central banks in various countries continue to increase their gold reserves and interest rates are significantly reduced.
In Monday morning trading in Singapore, the price of gold fell slightly by 0.3% to $3,354.29 per ounce. Meanwhile, other precious metals, such as silver, fell 0.4%, and palladium and platinum also experienced declines. Nevertheless, the outlook for gold remains positive amid ongoing global economic and geopolitical threats. (ayu)
Source: Newsmaker.id
