Gold prices ended in the red today, Aug. 1, after achieving the largest monthly gain in four months in July, pressure by the US dollar's rise to a three-week high.
Today's US labor market data showed that open job positions slipped in June to the lowest level in more than two years, albeit still in line with indicators of the current labor market strength.
Markets are awaiting the release of US non-farm payroll data on Aug. 4, with forecasts suggesting an uptick in the number of jobs by 200,000 in July, versus the addition of about 209,000 new jobs in June.
Gold ended July's trading with a monthly jump of 2.50%, lifted by market expectations that major global central banks are on the verge of ending their monetary tightening cycles on signs of cooling inflation rates.
On July 31, Chicago Federal Reserve President Austin Goolsby said the US central bank is on on track to bring down inflation without causing a recession.
Elsewhere, the World Gold Council report, issued today, showed that global demand for gold tumbled 2% in the second quarter to 920.7 metric tons, amid a slowdown in the pace of central bank purchases.
Bullion for December delivery declined by 1.50%, or $30.40, at settlement today, finishing at $1,978.80 an ounce.
Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, climbed by 0.55% to 102.30 points at 08:39 pm Makkah time.
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