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USAGOLD/Peter Grant/08-07-17
Gold starts the week modestly lower in the wake of Friday’s better than expected jobs report. However, the firm headlines numbers did nothing to alter market perceptions that the Fed is on pause through September.
The central bank’s primary concern is inflation, which remains illusive. With the Fed on hold, the downtrend in the dollar is likely to persist, which bodes well for the uptrend in gold.
The July Labor Market Conditions Index and June consumer credit come out later this morning. We’ll also hear FedSpeak from Bullard and KaskKari. Canadian markets are closed today in observance of Civic Holiday.
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