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 moves up in Asia on Fed dovish tone
On Thursday, gold strengthened in Asia because market participants considered the Fed’s May meeting minutes to be dovish.
June delivery gold futures jumped 0.50% in New York, trading at $1,259.38 a troy ounce. As for copper futures, they tumbled 0.19%, being worth $2.584.
Overnight, gold didn’t change because market participants parsed the Fed minutes for probable changes in the outlook regarding the path of American interest rate lifts, right after the recent bunch of economic data demonstrated a slowdown in American economic activity in the first quarter.
American economic surge, measured by GDP, tacked on by annualized rate of 0.7% for the first three months of this year. Since 2014 it turned to be the slowest period of first-quarter surge.
In spite of the fact, the American labor market kept demonstrating signs of strength, as unemployment went down to 4.4%, which is the lowest outcome since 2007, in April the overall rate of inflation dropped to 2.2% from a high of 2.7% hit in February.
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