Gold holds its position at a weekly high amid weak data from the US labor market

On Tuesday, gold was trading without significant fluctuations, remaining near a weekly high after the publication of weak employment figures in the United States. Investors are counting on a Fed rate cut in September, which also supports quotes.

Spot gold is trading at $3,374 per ounce, with yesterday's high close to the high of $3,3783. Gold futures in the United States are holding at $3,425. The yield on 10-year US bonds has dropped to its lowest levels over the past month.

OANDA analyst Kelvin Wong noted that the current market sentiment plays into the hands of buyers, and expectations of a Federal Reserve rate cut remain a key factor. The probability of this step in September is estimated at 92%.

The decline in employment growth in the United States signals a slowdown in the labor market, which increases interest in gold as a protective asset. Additional tension in the markets is caused by Donald Trump's statement about the possible imposition of new duties on Indian imports due to purchases of Russian oil.

There were minor changes in other metals: silver fell by 0.1% to $37.37 per ounce, platinum – by 0.4% to $1,324.05, palladium decreased by 0.4% to $1,201.47.