Gold hovers near an unprecedented summit

Gold prices remained near their highest level ever today, as they approached the level of $ 3600 by supporting the growing expectations of the US Federal Reserve Reduce interest rates this month after the job report, which came weaker than expected last week.

Gold settled in instant transactions at $ 3586.81 an ounce by 0121 GMT.

US gold futures decreased December delivery 0.7 percent to $ 3626.10.

“The main engine is American job data and current expectations that the Federal Reserve of the interest rate will reduce 50 basis points in September … this represents a major shift compared to the period before the job data,” said Kapital.com’s financial market analyst, Kyle Roda.

“Essentially … all factors are supportive of gold at the present time, and despite the shock of inflation this week, we will see gold caressing the level of $ 3600 an ounce.”

The growth of jobs in the United States decreased significantly in August, and the unemployment rate increased to its highest level in almost four years at 4.3 percent, confirming the deterioration of the conditions of the labor market, and enhances the chances of reducing the interest rate from the Federal Reserve next week.

The CMG Group indicates that the dealers are taking into account a reduction of 25 basis points at the end of the two -day monetary policy meeting until September 17, with an eight percent probability of a significant reduction in the interest rate of 50 basis points.

It reduces the low interest rates from the cost of alternative opportunity to possess the return of gold, and weigh the dollar, which makes gold cheaper for investors who hold other currencies.

For other precious metals, the price of silver in instant transactions decreased 0.3 percent to $ 40.84 an ounce. Platinum fell 0.1 percent to $ 1371.65, and Paladium fell 0.2 percent to $ 1107.70.