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On Monday, gold went down, as the evergreen buck kept adding on hopes for a Fed rate lift in December.
December delivery gold futures slipped by 1.27% on the Comex exchange trading at $1,190.30 a troy ounce.
The yellow precious commodity was suppressed after Friday’s jobs report underpinned expectations that the primary US financial institution is on the verge of lifting rates.
The American economy managed to generate fewer jobs than anticipated in September, although unemployment hit a 48-year minimum. That’s a definite sign that the US economy is currently at full-employment.
Gold normally goes down, as the evergreen buck heads north, as it’s denominated in the American dollar and respectively ultra-sensitive to any moves in this crucial currency. Bullion gets more costly for those who hold other currencies when the greenback surges and accordingly more affordable when it loses.
Tracking the US dollar’s purchasing potential against several its primary counterparts the USD index inched up by up to 0.23% ending up with 95.53.
The bond market was unavailable in observance of Columbus day, although on Friday the United States 10-Year note managed to hit its highest value observed since 2011 following the jobs figures.
Higher interest rates ramp up bond profits, thus making non-interest bearing gold less tempting to market participants. They also tend to back America’s major currency, thus making dollar-priced yellow commodity less affordable for keepers of other currencies.
On the Comex exchange other metals generally declined. As a matter of fact, silver futures went down by 2.11% coming up with a reading of $14.340 a troy ounce. As for other precious commodities, platinum futures dipped by 0.69% trading at $818.80. In addition to this, palladium futures lost 0.23% trading at $1,054.70 an ounce. As for copper futures, they headed north by 0.22% trading at $2.771 a pound.
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.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
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.
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