The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
Gold demand goes down to eight-year minimum in the third quarter of 2017
Gold demand slumped to its lowest value for eight years during the last quarter. It’s because jewelry buying edged down, while inflows into bullion-backed exchange traded funds dipped too, as data from the World Gold Council revealed on Thursday.
Overall demand sank 9% hitting 915 tons. It appears to be the weakest outcome since the third quarter of 2009, as the WGC informed.
The given pattern will probably feed through to the whole year, with the WGC predicting annual demand of about 3,900-4,000 tons, versus 4,347 tons last year. By the way, on an annual basis gold demand hasn’t stood below 4,000 tons since 2009.
India that along with China appears to be the world’s number one gold consumer, faced quite soft gold demand because of the introduction of the fresh goods as well as services tax from the beginning of July, as the WGC stressed. It generated a lot of purchases.
The WGC actually expects Indian demand to keep to approximately 650-750 tons, which is in line with a dismal 2016. As for Chinese demand, it will most likely show 850-950 tons.
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
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The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.