Gold Prices Decline Amid Cautious Market Ahead of US Economic Data
Gold prices continued to decline on September 1, following a sharp decrease in previous sessions. The market is cautious as gold prices retreated far from their peak level set last week.
As of 2:12 PM Vietnam time, spot gold price decreased by 0.40%, to $4,431.25 per ounce. Meanwhile, December gold futures price decreased by 0.07% to $4,478.56 per ounce.
The market is focusing on a series of US economic data released this week, including the number of unfilled jobs, ADP jobs report and non-farm jobs data. These data may provide more information about the health of the US economy, thereby affecting investors' expectations about monetary policy and the USD's movement.
According to analysts, $4,400 per ounce is a noteworthy price range in the short term. If this range is maintained, gold may find opportunities to stabilize again. Conversely, losing the $4,400 per ounce mark may increase adjustment pressure.