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 sinks moderately in Asia
On Tuesday, gold sank a bit in Asia, with language from the Federal Reserve after its Wednesday’s rate announcement considered to be key for direction.
February delivery gold futures dived 0.06% in New York being worth $1,246.10 a troy ounce.
Overnight, gold was still pressured notwithstanding weakness in the greenback as data disclosed money managers dared to slash their bullish bets on gold to a 17-week minimum ahead of a widely aniticpated Federal Reserve interest rate lift.
Fresh from a three-week losing marathon, the number one precious metal struggled to pare recent losses as market participants waited for the final Federal Reserve gathering of the year slated to get underway on Tuesday, while a policy decision will emerge on Wednesday.
Apart from the policy decision on interest rates, market participants are also expected to digest the Fed’s update to the summary of economic projections for further clues on upcoming monetary policy.
Similar
The OPEC Meeting May Push Oil to $150
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
Russian Oil Got Banned from Market
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?
Latest news
Gold Rises as Central Banks Buy More
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.
US Evades Default This Time
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!
USD Gains Momentum
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!
