08.08.2016 - The price of gold fell on strong data from the US

The price of gold showed a decrease against the strengthening US dollar and publication of strong statistics on the labor market in the US in July. Thus, the number of non-farm payrolls increased to 255 thousand, which is 75 thousand better than expected. In addition, the average hourly wage increased over the month by 0.3% against the expected 0.2%. Strong data on the US economy increases the likelihood of higher interest rates this year, which is negative for gold. Our medium-term outlook for gold remains positive due to the expected start of correction on the stock markets.

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