Gold price decreased today

Gold fell nearly $ 10, away from the three-week high, which was caused by the renewed strengthening of the US currency on the back of strong employment data.

The report submitted by the Automatic Data Processing (ADP), showed that employment growth in the US private sector accelerated in July, and was higher than forecasts. According to the data, in July, the number of employees increased by 179 thousand. Analysts had expected the number of people employed to increase by 170 thousand.

Attention gradually switches to Friday's data on the US labor market. It is expected that the results of NFP to be around 175Kt. Investors believe that the data will be strong, so that the Federal Reserve in the next few months will be able to make a rate hike. Recall, the precious metal is sensitive to higher interest rates in the United States, but a gradual increase in rates carries less of a threat to gold. The rise in gold prices by 28 percent this year was largely due to a decrease in the likelihood that the Federal Reserve will soon continue with the rate hikes.

"We expect that the US economy remains on the path to" reasonable "growth, - said Oxford Economics Daniel Smith -. Despite the very poor performance of GDP, it is likely that employment statistics will be very good suporting the issue of increasing the interest rate back on the agenda. "

Gold reserves in the largest investment fund SPDR Gold Trust rose on Tuesday by 0.6 percent, to 969.97 tonnes.

The cost of the August gold futures on COMEX fell to $ 1355.60 per ounce.