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 edges down to the lowest value in 4 weeks
On Monday, gold dipped to the lowest value in four weeks in European trade because traders looked ahead to a busy week of Fed speakers for more signals on future monetary policy moves.
In New York, gold futures hit $1,253.74 a troy ounce, sliding 0.2%. Overnight the number one precious metal dipped to $1,252.20, which is the lowest value since May 24.
Besides this, silver futures lost approximately 0.3%, reaching $16.60 a troy ounce, having reached its lowest value since May 19 at $16.58.
The previous week, the Fed increased interest rates as expected and also maintained ambitious plans to go ahead with another rate lift by year-end. Additionally, the US major bank also provided more details as for how it intends to reduce its huge $4.5 trillion balance sheet.
Notwithstanding the Fed's quite hawkish message, investors remained doubtful as for the major bank's ability to lift rates as much as it would like before the end of 2017 because of a recent run of dismal American economic data.
Similar
The OPEC Meeting May Push Oil to $150
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
Russian Oil Got Banned from Market
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Latest news
Assets Won’t Survive This Week
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Post-Fed Releases for USD & CAD Traders
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
FED and BOE Make Another Attempt to Beat Inflation
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
