Precious Metals Preview: Gold Stays Under Pressure

8 Aug 2022 , 08:45 AM

Gold stays pressured near $1788 an ounce on Monday, tracking dollar index that is staying close to higher levels seen on Friday. Data on Friday showed a bigger than expected jump in U.S. non-farm payroll employment in the month of July. Data from the Labor Department showed non-farm payroll employment in the U.S. spiked by 528,000 jobs in July after surging by an upwardly revised 398,000 jobs in June, raining expectation that the Federal Reserve will aggressively tighten its policy stance at the upcoming meetings. The dollar index that measures the greenback against a basket of currencies surged to 106.93 after the release of the non-farm payroll data, and is currently quoting at 106.48.Powered by Commodity Insights