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On Monday, the yellow metal declined, drifting away from the $1,300 mark hit on the back of a dismal jobs report, while traders looked ahead to retail sales data as well as American leader’s 2020 budget proposal.
On the Comex exchange, April delivery gold futures rallied by 0.35% being worth $1,294.75 a troy ounce.
On Friday, the yellow metal briefly broke the psychological mark of $1,300 after the US Labor Department posted a 20,000-job leap in nonfarm payrolls in February, which is far fewer than the consensus estimate of 180,000. Gold failed to stay above that mark for the settlement and fell short of the mark again, with an intraday maximum of $1,299.15.
Financial markets will closely watch the latest outcome of American retail sales, generally anticipated to stand still after a suddenly steep dive at the end of last year.
Meanwhile, Donald Trump is anticipated to come up with his 2020 budget proposal. It has been reported that US leader offers a 5% cut in non-defense spending and also requests an extra $8.6 billion to finance the construction of a wall on the border with Mexico.
In addition to this, market participants will also closely watch inflation figures after the US key financial institution vowed to be patient and wait for more data before increasing interest rates once again. Additionally, data on American consumer as well as producer prices are scheduled to be uncovered on respectively Tuesday and Wednesday.
On Saturday, Fed Chair Jerome Powell told that the US major bank won’t hurry to change interest rates. Instead, it will proceed with monitoring the world’s economy.
Aside from that, silver futures went down by 0.30% trading at $15.303 a troy ounce.
Copper futures rallied by 0.19% concluding the trading session at $2.899 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.
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.
Every week we expect many interesting events that can shake the market.
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