On Monday, gold was nearly intact having reported three-straight winning weeks, as market participants prepared for Friday’s reports on American third-quarter surge, while monetary policy decisions this week from the ECB and Bank of Canada are going to be monitored by market participants too.
As a matter of fact, December delivery gold futures managed to inch up by up to 0.03% on the Comex exchange being worth nearly $1,224.10 a troy ounce. On Friday, the yellow metal was nearly intact following a choppy trading marathon, but still concluded the trading week with a 0.59% leap. It appears to be its third-straight weekly ascend.
The yellow metal has been underpinned by dismal stock markets as well as increased geopolitical risks, backing safe-haven demand for gold, while this week market participants shifted their attention to GDP data anticipated to show that American economic surge speeded down in the third quarter from the second one, when the American economy surged at its fastest tempo for four years.
Market participants will also be obtaining an update on the health of the American housing market, affected by soaring borrowing costs as an outcome of Fed rate lifts, with the publication of figures on new as well as pending home sales.
In addition to this, Friday’s data revealed that in September sales of existing homes headed south for a sixth-straight month. The given outcome turned out to be the most impressive dip for more than two years.
As for other metals, silver futures headed south by approximately 0.62% coming up with an outcome of at $14.565 a troy ounce.
In addition to this, palladium futures managed to head north by up to 1.82% ending up with $1,089.40 an ounce. Besides this, sister metal platinum declined by about 1.15% demonstrating a result of $826.40
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on October 8, 15:30 GMT+3.
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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