International gold prices showed a strong rebound, briefly recovering the $4,400 per ounce level. This came as expectations for interest rate cuts expanded following confirmation of a slowdown in the U.S. labor market. Market attention is now focused on whether gold prices can continue rising toward the $4,500 level.

As of August 8, Korean time, the GC New York Mercantile Exchange international gold price stood at $4,399.70 per ounce, up 2.33% from the previous day. During the session, it rose to $4,432.30, briefly reclaiming the $4,400 level.

According to the employment report released by the U.S. Bureau of Labor Statistics (BLS) on the 7th, Korean time, non-farm payrolls in the U.S. decreased by 23,000 in July, and the unemployment rate stood at 4.1%. This indicates that the U.S. labor market is cooling more noticeably than before. In particular, as non-farm employment turned to a decline, expectations regarding the future monetary policy path of the U.S. Federal Reserve (Fed) are likely to resurface.

Gold is a non-yielding asset, meaning that the opportunity cost of holding it decreases as interest rates fall. Therefore, if labor market weakness increases the likelihood of the Fed cutting rates, it could serve as a catalyst for further gains in gold prices. Future movements in the dollar and U.S. Treasury yields are also key variables. If Treasury yields fall or the dollar weakens in response to the employment slowdown, it would be favorable for gold prices. Conversely, if inflation indicators come in strong and diminish expectations for rate cuts, short-term profit-taking pressure could emerge on the recently surging gold prices.

Market attention is shifting toward the $4,500 level. With prices rising to $4,432.30 during the session, narrowing the gap with $4,500, whether gold can stabilize above $4,400 is the first key point to watch. If the upward trend continues above $4,400, expectations for reaching $4,500 could grow even further.

However, it is difficult to determine the direction of gold prices based solely on employment data. Interest rate forecasts could change again depending on upcoming major economic indicators such as U.S. consumer prices, remarks from Fed officials, and movements in the dollar and Treasury yields. International oil prices and geopolitical uncertainties are also variables that could increase gold price volatility. Attention is now focused on what direction the new market trend will take.

[※ This article was written for the purpose of providing market information and does not constitute investment advice or trading recommendations for any specific asset.]