{"id":128701,"date":"2024-08-05T09:59:47","date_gmt":"2024-08-05T09:59:47","guid":{"rendered":"https:\/\/kinesis.money\/?p=128701"},"modified":"2024-08-05T09:59:47","modified_gmt":"2024-08-05T09:59:47","slug":"gold-rally-runs-out-steam-profit-taking","status":"publish","type":"post","link":"https:\/\/kinesis.money\/pl\/market-analysis\/gold-news\/gold-rally-runs-out-steam-profit-taking\/","title":{"rendered":"Gold Price News: Gold Rally Runs Out of Steam On Profit Taking"},"content":{"rendered":"\n

Gold prices fell on Friday, as a strong rally earlier in the day went into reverse later in the session.<\/p>\n\n\n\n

Gold looked set to close out the week in what was a decidedly bullish few days for the precious metal, but several days of gains appeared to trigger some profit taking ahead of the weekend.<\/p>\n\n\n\n

Prices rose as high as $2,486 an ounce<\/a> on Friday, a fresh all-time high, compared with around $2,446 an ounce in late trades on Thursday. Prices had been as low as $2,370 an ounce at the start of the week.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n\n\n\n

However, prices abruptly changed course part way through the afternoon session on Friday, dropping as low as $2,412 an ounce.<\/p>\n\n\n\n

The earlier strength for gold followed the release of the closely-watched US non-farm payrolls figures for July, which showed only 114,000 jobs were added, against market expectations of 175,000. Separate unemployment figures also painted a similar picture, showing that 4.3% of the population were out of work in July, a fourth consecutive monthly rise, and above market expectations of 4.1%.<\/p>\n\n\n\n

Adding further fuel to the bleak picture, new orders for US manufactured goods fell by 3.3% in June, more than the market\u2019s expected decline of 2.9%.<\/p>\n\n\n\n

The latest macro figures were a supportive factor for gold as a safe haven investment and sent the US dollar crashing to a two-week low against the Euro.<\/p>\n\n\n\n

However, gold\u2019s earlier gains were unable to hold, and this may have reflected profit-taking going into the weekend, but also that the markets are fully expecting interest rate cuts by the US Fed in September, and further signs of weakness in the economy only confirm what the market already expects on monetary policy in the coming months.<\/p>\n\n\n\n

The markets will be looking ahead to Monday\u2019s US ISM services PMI data for July, particularly as the June reading showed its sharpest contraction since April 2020.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\n<\/i><\/p>\n

Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold prices fell on Friday, as a strong rally earlier in the day went into reverse later in the session.<\/p>\n","protected":false},"author":50,"featured_media":128733,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-128701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Rally Runs Out of Steam On Profit Taking | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Monday 5th of August 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"pl_PL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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