Weak non-farm payroll data boosts gold prices significantly

The July non-farm payroll report showed that the number of new jobs was below economists' expectations, driving gold futures prices up 1.5% during the day, reversing the earlier flat trend. U.S. government data also indicated that the downward revision of employment data for May and June exceeded normal levels. The market interpreted this as a signal that the weakness in the labor market may be worse than expected, which could increase pressure on the Federal Reserve to cut interest rates in September. On Wednesday, Federal Reserve Chairman Jerome Powell's remarks after maintaining interest rates suppressed gold prices, as he refused to provide a clear signal on whether there would be a rate cut next month. Deutsche Bank analysts pointed out: "Powell left the impression that all options remain open for the market." Meanwhile, the U.S. dollar index fell more than 1% during the day, further boosting the rise in gold