Gold prices hit $1,700 per troy ounce

Gold prices are below $1,700 per troy ounce on October 10 morning, reported from the auction data.

The price of December futures for gold on the New York Comex exchange fell by $15.2, or 0.89%, to $1,694.1 per troy ounce.

Investors evaluate strong data on the labor market in the US. Macrostatistics supported expectations around the tightening of monetary policy by the Federal Reserve System (FRS), which traditionally supports the dollar and holds back the price of gold.

US unemployment fell to 3.5% in September from 3.7% in August, although markets did not expect the rate to change. The number of people employed in non-agricultural sectors of the economy increased by 263,000, while analysts predicted the figure at the level of 250,000.

According to the CME Group, 77% of analysts expect the Fed to raise the rate again by 75 basis points, to 3.75-4%, which could be the fourth increase in such a pace in a row and the sixth increase since the beginning of the year. Fed tightening has traditionally supported the dollar, making gold less available to buy in other currencies.

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