The US Payrolls Bring New Hope for Gold
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 dives in Asia as market waits for Fed minutes
On Wednesday, gold eased in Asia ahead of minutes from the major US bank due later in the day. The highly anticipated report is believed to demonstrate a mostly hawkish stance on the necessity for a December rate lift and into next year.
December delivery gold futures tumbled 0.27% trading at $1,290.1 a troy ounce.
Overnight, gold rallied for the second day in a row underpinned by ongoing dollar weakness. Additionally, everlasting political tensions between America and North Korea raised market sentiment.
Gold’s quite bullish start to the trading week kept unrolling because safe-haven demand was still elevated amid everlasting geopolitical uncertainty on the Korean Peninsula. Meanwhile, dollar weakness backed an uptick in demand for the number one precious commodity.
Gains in the yellow precious metal were capped after the Catalan government Carles Puigdemont told he was eager to postpone any formal declaration of independence, thus relieving geopolitical uncertainty in the region.
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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.
Market Crash Incoming?
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.
What Currency Will Overperform?
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.
