Gold pares its losses that exceeded 3.5% this morning in the opening session of the beginning of the week, Monday the ninth of August, to trade at levels of $ 1746 an ounce, down by about 0.94%, after testing levels of $ 1684 an ounce in the morning, the lowest level for the metal since the end of last March .

This strong and sudden decline in the yellow metal came after gold broke the levels of 1750 dollars, which are considered psychological levels for investors and affected by the continued rises of the US dollar at the beginning of the session, benefiting from the strong data from the US labor market that was announced at the end of last week.

The American labor market added about 943,000 jobs in non-farm jobs (NFP) in July, according to data issued by the Bureau of Labor Statistics in the United States of America at the end of last week, compared to 938 thousand jobs in the revised June reading and better than the market expectations, which indicated that about 870 thousand jobs were added. While the unemployment rate in the United States of America decreased by 0.5% to 5.4% (expectations of 5.7%).

On the other hand, the wage index improved on a monthly basis by 0.4% (expectations of 0.3%) and rose on an annual basis to 4%, compared to 3.6% in June, better than expectations that it had indicated a rise to 3.9%.

This positive data contributed to the rise of the US dollar at the end of last week by more than 0.50% and rises in the yield on US bonds, which recorded gains of more than 0.55% on Monday morning, and thus caused the yellow metal to decline.

On the other hand, the gold ETFs’ possession increased by 11.1 tons in July, according to the World Gold Center report, bringing the total fund holdings in July to 3,636 tons of gold.

Meanwhile, the National Bureau of Statistics of China, NBS, announced this Monday morning that the consumer price index, which measures annual inflation, rose to 1% in July, compared to 1.1% in the June reading, better than expectations that indicated a rise to 0.8%.

Silver, in turn, is declining by about 1.65% and is trading at levels of $23.93 an ounce, after it recorded its lowest level this year this morning in the Asian session when it tested levels of $22.42 an ounce.

Platinum is trading down by about 0.05% at levels of $979, while palladium is settling at levels of $2.628.