United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on October 8, 15:30 GMT+3.
Gold ascends on safe-haven demand
On Thursday, gold surged in mid-morning trade because the safe-haven metal finally caused buyer interest in the face of US-China trade fears, while a weaker-than-anticipated result on job creation also assisted to soothe concerns over a faster tempo of rate lifts from the key US bank.
December delivery gold futures rallied by 0.70% on the Comex exchange being worth $1,210.60 a troy ounce.
Estimating the greenback’s purchasing power versus its key rivals the USD index dipped by 0.16% being worth 94.92.
Apparently, the softer greenback backed gold, although markets’ focus was still centered on the US - China trade clashes against the backdrop of worries that an escalation could be inevitable.
American leader could impose duties on an extra $200 billion worth of China’s products when a public consultation period is over.
China has warned that it’s going to adequately respond if America slaps fresh levies on its products.
The private payroll processor ADP informed that in August America generated just 163,000 jobs, which is quite below the 191,000 positions anticipated in the official government data out Friday.
The worse-than-anticipated outcome assisted to relieve fears that the major US bank could take a more hawkish stance on policy tightening.
Financial markets already expect the key US bank to have interest rates lifted by a quarter point at the next policy gathering on September 25-26.
Higher interest rates tend to put pressure on demand for the number one precious commodity. It definitely backs yield-bearing investments.
As for other metals, silver futures managed to rally by 0.28% hitting $14.260 a troy ounce.
Besides this, palladium futures managed to rally by up to 0.53% being worth $960.70 an ounce. As for platinum futures, they gained 1.12% demonstrating $793.10.
As for copper, this commodity jumped by 1.57% coming up with $2.651 a pound.
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).