Commodities
US Labor Market Reports Take Center Stage in Gold Price Action
Gold and silver prices rose on Tuesday, August 4, as investors assessed conflicting signals over possible US-Iran talks and awaited key US labor market reports. The Federal Reserve's next interest rate decision is a major focus for markets.
Renisha Chainani, Chief Research Officer at Augmont, said gold is likely to remain range-bound until the upcoming labour market data offers clearer direction on US monetary policy. She noted that if jobs data comes in weak, it would likely weigh on the dollar, giving gold room to rise.
Abhinav Tiwari, Research Analyst at Bonanza, attributed the current rally to growing safe-haven demand amid renewed geopolitical tensions and uncertainty over the global economic outlook.