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 hovers near 2-week peaks on softer greenback
On Tuesday, gold hovered near a two-week maximum because caution surrounding American tax reform plans and upcoming US housing sector data suppressed the US currency.
In New York, gold futures gained 0.13% being worth $1,267.20 a troy ounce, which is off a two-week peak of $1,267.80 reached overnight.
Congress is believed to approve the tax bill already this week.
Market participants were waiting for reports on US building permits and also housing starts. This data is scheduled to emerge on Tuesday. The reports are expected to provide further clues on the strength of the US housing market.
The U.S. dollar index, gauging the evergreen buck’s strength against a basket of six crucial currencies, headed south 0.10% showing 93.14.
Gold is traditionally sensitive to moves in the US currency. A weaker greenback makes gold more affordable for holders of foreign currency.
Additionally, silver futures dived 0.09% in New York being worth $16.19 a troy ounce.
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
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?
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!