The world price of gold today, July 16; 2392 dollars and 16 cents per ounce
reported by Mehr News Agency, the price of gold reached the highest value in the last month on Friday. The latest US employment data has raised the possibility of the country’s Federal Reserve interest rate cut in September.
The price of gold per ounce increased by 1.51% to $2,392 and 16 cents today. The price of gold futures in New York’s COMEX market has reached $2,397 and 70 cents with an increase of 1.19%.
Some analysts believe that gold will reach $2,450 if interest rate cuts begin in September. The U.S. economic data showed that non-farm payrolls rose by 206,000 jobs in June. This is while economists were expecting an increase of 190 thousandThai. In the meantime, the unemployment rate in the United States increased to 4.1%, which is higher than the 4% that was previously predicted.
Markets now expect the US central bank to lower interest rates for the first time in September and the next reduction in December. Lower interest rates reduce the cost of keeping gold as a non- profitable capital and increase the desire to buy it.
Among other precious metals, silver rose 2.75% to $31.69 and platinum traded up 2.86% at $1,030.9 cents.
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