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 soars in Asia on geopolitical tensions
On Wednesday, gold rallied in Asia because a fresh Twitter taunt by Donald Trump to North Korean leader Kim Jong-un definitely rekindles the stakes on a nuclear weapons stance.
February delivery gold futures rallied 0.26% being worth $1,319.50 a troy ounce.
In his tweet Donald Trump informed that his nuclear button appears to be much bigger and also much more powerful than Kim Jong-un’s one.
Overnight, the number one precious metal edged up amid everlasting dollar weakness. Meanwhile, soaring geopolitical uncertainties underpinned market sentiment, including ongoing protests in Iran.
Gold tacked on to three-month maximums and also remained on track to demonstrate their longest winning marathon since 1971, the end of the gold standard, underpinned mostly by a greenback dive to three-month minimums.
The soar in gold emerged as data demonstrated that market participants kept increasing their bullish bets on gold.
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.