Gold prices are falling from a seven week high ahead of US labor market data

Gold prices fell on the European market on Wednesday to continue the downward correction from the highest level in seven weeks, as investors began to take profits, ahead of the release of new data on the US labor market, which is expected to provide new evidence on the opportunities to accelerate tightening monetary policy American economy this year.

Gold prices fell at 9:55 GMT to  1266.16 USD an ounce from the opening level of  1268.67 USD and recorded a high of 1271.05 USD and a low of  1264.17. USD

Yesterday, gold prices lost 0.1 %, after hitting a seven week high of 1274.10 USD an ounce, after negative data from the United States showed slower manufacturing growth in July.

Gold prices rose 2.2 % in July, the biggest monthly gain since February, as the likelihood of accelerating US monetary policy tightening and investment demand for the metal as a safe haven declined.

Investors are looking ahead to important US data on the labor market, which is heavily reliant on the Federal Reserve, to continue tightening monetary policy and raise interest rates for the third time this year.

US private sector jobs are expected to rise later this month, with 187,000 new jobs expected in July from 158,000 in June, Thursday’s weekly jobless claims, and Friday jobless data, unemployment and average wages in July /July

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