Gold price today 8/8: The market is optimistic, gold is up

Gold prices on the world market traded at $1,934.5 per ounce on Kitco floor on August 8.

After reaching a low of $1,926 per ounce last week, gold prices have started to rise, signaling a potential uptrend. If gold maintains its current levels, it is expected to increase in the near term.

The US job market slowdown suggests that the Federal Reserve will be less likely to raise interest rates. Adam Button is optimistic that the Fed will only consider cutting rates.

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noted that the precious metal still faces some difficulties as economic data does not provide solid evidence that the Fed can be more easing on monetary policy.

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Also, improving jobs data could make the Fed rethink their current high interest rates. These "hawkish" comments by the Fed have discouraged investors in the metals market. The gold market is expected to trade around $1,950 an ounce throughout the summer as the Fed maintains its hawkish stance through the end of the year.

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The US will announce the consumer price index (CPI) in July. According to the forecast, the US inflation rate in July will increase by 0.2%, equal to June. If the actual increase is higher than the forecast, the possibility high is that the Fed will raise interest rates one more time and gold will be under pressure.

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Previously, many expected China's gold demand to increase sharply in the second half of this year thanks to Beijing's economic support policies and the country's gold consumption season.

However, China's real estate and retail markets are still weak. Meanwhile, exports have not improved.