Gold price (XAU/USD) edges lower to $2,435 on Monday during the early Asian session.
Gold price trades on a weaker note near $2,435 in Monday’s early Asian session, down 0.40% on the day. US Nonfarm Payrolls rose by 114K in July vs. 179K prior, weaker than expected. The Middle East tensions might cap the gold’s downside. Gold price edges lower to $2,435 on Monday during the early Asian session. However, the downside might be capped due to rising expectations of rate cuts by the US Federal Reserve and the risk-off mood amid ongoing geopolitical tensions in the Middle East.
Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
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