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 keeps to 1-month maximum ahead of Fed meeting
On Tuesday, gold stuck to the month’s maximum in European trade because market participants looked ahead to a Federal Reserve policy gathering for any clues on the timing of the next American rate lift as well as prompts on how the key US financial institution intends to pare back its balance sheet.
Gold futures got to $1,256.73 a troy ounce adding 0.2% in New York.
The Fed isn’t actually supposed to take action on its interest rates at the conclusion of the two-day policy gathering on Wednesday. So, rates won’t probably leave the range 1.0%-1.25%.
The key bank is going to issue its post-meeting statement as traders monitor any change in language that could hint more clearly at a rate lift in the months ahead.
Traders will also monitor how and when the Federal Reserve will start cutting its $4.5 trillion balance sheet.
The most popular precious commodity is extremely sensitive to fluctuations in American interest rates.
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 situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
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.