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Gold prices today.. The unemployment and income rate in America determines the market movement

On the last day of trading this week, the gold market awaits several important economic events and reports, which will certainly contribute to drawing the price of the yellow metal during the coming hours, today, Friday, July 2, 2021, whether in the global market or the local market.


Today, Friday, July 2, global markets are awaiting European Central Bank President Christine Lagarde's speech, the announcement of average hourly earnings in the United States, as well as the unemployment rate in the United States, the change in non-farm government employment in the United States and the manufacturing PMI in Canada.


Previous economic data will have clear effects on the currency and gold markets during the last hours in global trading, because it affects the morale of investors and then resort to hedging in the event that the economic data is negative, and this means a rise in the price of gold because it is the most popular performance for hedging in times of economic crises or when data negative economics.


The biggest evidence that gold is directly affected by economic data is that gold prices recorded yesterday, Thursday, July 1, a clear rise, as concerns about the most contagious delta strain of the Corona virus strengthened the attractiveness of the yellow metal as a safe haven, before the US jobs data, which is an important factor in the expectations of the Council’s policies. US Federal.


The gold market in Egypt is not far from developments in the movement of the global gold market, as gold prices are affected by the ups and downs of the global market, because the movement of an ounce of gold in global stock exchanges is the main driver of the gold price in Egypt.