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 goes down in Asia as traders note UN Security Council rap of North Korea
On Wednesday, gold declined moderately in Asia, just a day after it jumped on a North Korean missile launch over Japan with market participants braced for reacting anew to fresh provocations right after the United Nations Security Council dared to have Pyongyang condemned for intensifying its weapons programs.
December delivery gold futures tumbled 0.04% in New York being worth $1,318.33 a troy ounce.
Overnight, the precious commodity remained underpinned notwithstanding easing from almost 11-month maximums on Tuesday because the evergreen buck pared some of its losses, although geopolitical uncertainty restricted downside momentum.
Gold ascended more than 1% to a nearly 11-month maximum of $1,331.18 because on Monday North Korea launched a missile, which passed over Japan, thus triggering a flight-to-safety among market participants, raising demand for safe haven assets, including gold.
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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.
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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.
