Gold heads south ahead of American July Job report

Gold heads south ahead of American July Job report

On Friday, gold declined, while the evergreen buck was nearly intact ahead of the American July job report expected to be unveiled a bit later in the day.

December delivery gold futures headed south by 0.33% on the Comex exchange being worth $1,216.10 a troy ounce.

Estimating the purchasing potential of the major American currency against its main counterparts, the USD index slumped by about 0.01% hitting 94.99.

As follows from a Reuters poll of financial analysts, in July, nonfarm payrolls probably added by up to 190,000 jobs versus June’s outcome of 213,000.  

Evidently, a good jobs report should ensure a straight-forward reaction by the financial markets. It should enable American yields to go up, while backing the evergreen buck.

The evergreen buck gained some support in the previous trading marathon from trade clashes, which resumed once again this week.

On Friday, Wilbur Ross, US Commerce Secretary urged to proceed with clamping down on China unless it agrees to radically change its economic system.   

The US statesman told on Thursday that America needs to create a situation where it’s more painful for China to keep implementing their adverse practices against the United States. He added that America will keep increasing the pressure on this Asian country to make China give up the idea of leveling the economic playing field.

The very reason for the duties to start with was to persuade the Chinese government to change its behavior, but instead China dares to retaliate, the statesman complained. That’s why US leader currently feels that it’s high time to apply more pressure on China to get out of this tough situation.

His remark showed up after China dared to accuse America of blackmailing yesterday and that it wouldn’t ever surrender to American trade threats.  

 

 

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