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Gold prices surged in mid-North American trade after the US nonfarm payrolls report in June exceeded expectations. However, lower revisions of preceding months indicated that the labor market was slowing down earlier than anticipated, and markets were bracing for a September rate cut by the Federal Reserve. The expectation caused the dollar to fall and gold to scar. The current daily and weekly gains of XAU/USD, which are currently trading at $2,391, are a result of the weakening US dollar, which is undermined by decreasing rates on US treasury bonds. The third quarter of 2024 saw a strong increase in the price of gold, shattering the cumulative sideways pattern. Even though it looks like this year will see interest rate decreases, this is what, more info in the chart 📈 RISK DISCLAIMER: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as education, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are for educational purposes only. Any action you take on the information in these analysis is strictly at your own risk. There is very high degree of risk involved in trading. Past results are not indicative of future returns. Good luck:-)

Strong increase in XAU/USD

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