The robust employment data demonstrated that, despite two successively negative quarterly GDP announcements, the U.S. economy is still growing.According to TD Securities, this puts the price rally for gold in jeopardy.This week, Bart Melek, the head of commodity strategy at TD Securities, said that “the U.S. consumer has larger-than-normal holdings of cash in checking accounts and money market funds, all suggest that there are plenty of inflationary pressures in the system.The July inflation report will be in focus this week, with economists expecting the annual inflation pace to come in at 8.7 percent after climbing to 9.1 percent in June.
