Gold prices has backed down ahead of the release of US jobs data

On Friday Gold prices has backed down in the European market as the USD rose against the currencies ahead of the release of US jobs data, which provides new evidence that the Federal Reserve will continue to tighten monetary policy and raise interest rates for the third time this year.

At 9:50 GMT gold prices have backed down to the level 1318.55 USD for ounce from the opening level 1321.58 USD, and record the highest level 1322.01 USD, and the lowest level 1317.76 USD.

Gold prices have ended yesterday trading with an increase by 1%, in a first gain during three days, because of data lower than the expectation about the consumer spending in the US during July.

This data has reduced again from the probability of the Federal Reserve continuing to tighten monetary policy and raise interest rates for the third time this year. To re-evaluate this probability, investors will be looking later today for the monthly jobs data in the US. US monetary policymakers are counting on the strength of the market Work so that they can continue to carry out the cycle of raising interest rates.

At 12:30 GMT jobs data sector and non-agricultural issued an expectations refers to adding 180 thousand new posts during August to the American economic compared to the 209 thousand function in July, with the stability of the unemployment rate at the level of 4.3%, a lower level since 2007, and also the average income for individual in one hour issued and the expectation a rise from 0.2% to 0.3% in July.

Gold holdings are in the SPDR Gold Trust which is the biggest international indexes boxes which are supported with gold and stabilized without any changes mentioned and that’s for the second day respectively at the total 816.43 metric tons, and that’s the highest level since 18 of the last July.