The price of gold is increasing and reaching its highest level in 3 weeks, touching $1935 per ounce after a series of lower-than-expected US economic data. The ADP National Employment Report for August showed an increase of only 177,000 jobs, compared to the expected increase of 200,000 jobs.
According to experts, the US stock market is trending upwards. The sentiment among traders and foreign investors has improved as China continues to implement stimulus measures for its economy. These factors are having a positive impact on the price of gold.
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According to the US Bureau of Economic Analysis' second quarter gross domestic product report, the economy grew by 2.1%, lower than expectations.
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The Fed has said it will need to consider a slowdown in the labor market as a condition for ending the current tightening cycle.
