September 30, 2022
Chicago 12, Melborne City, USA
Finance

Gold inches higher as investors wait for U.S. employment data

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Gold prices rose on Friday as investors turned their attention to US monthly employment data.

June Gold Futures GC00

GCM22
It rose 0.4% to $ 1,875.70 an ounce on Thursday, after gaining $ 7.60 or 0.4% to 8 1,883.40 an ounce. Silver Future SI00

SIN22
0.1% up $ 22.48 per ounce, 0.2% up one day later.

With turmoil in the stock market, rising Treasury yields and a rising dollar bringing moderate gains for gold and silver on Thursday, investors are worried that the Federal Reserve will not be able to contain inflation without a recession.

Stocks rallied on Wednesday after the Fed’s expected 50 basis points rise in interest rates and investors’ perceptions that the central bank was less stylish than market confidence.

The Bank of England raised interest rates for the fourth time on Thursday and followed a Fed hike following a dark economic forecast that caused the pound to plunge into GBPUSD.
And the rise of the dollar. The European Central Bank is also expected to raise rates in July. Depression in the Bank of England contrasts with the Fed’s position that it could avoid a recession.

“Although Fed Chair Jerome Powell noted in his remarks that following the rate decision that the bank is not” actively considering “a 75 basis point increase, the possibility of a further 50 basis point increase in the coming months is very high,” said Rupert Rowling, a Kinesis Money analyst at Market. Note.

“Gold is struggling to gain traction in this environment of rising interest rates and is now being set below $ 1,900 per ounce for a permanent period. Although the bullish support for the ongoing war in Ukraine will limit the fall of gold, it has now been tightened by the bearish drivers of the central banks to make their financial policy-making non-yield bearing assets such as gold less attractive, ”he said.

US stock index futures ES00

YM00

NQ00
Friday was modest low, while the dollar DXY
Some land was returned and treasury yields increased slightly.

Investors were waiting for U.S. April nonfarm pay-roll data, which is expected to rise to 400,000 from 431,000 in the previous month, according to a survey by economists in the Dow Jones and The Wall Street Journal. Hourly labor costs will also be focused.

In other metals business, July copper HGN22
0.1% lower $ 4.286 per pound.

July Platinum PLN22
2.7% down $ 947 per ounce, while June palladium PAM22
Decreased by about 2% to $ 2,134 per ounce.

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