ONLINE FOREX BROKER
On Friday, gold remained relatively steady before the publication of the report on US economic growth for the first quarter.
Gold futures went down by approximately 0.06% ending up with an outcome of $1317.1 per troy ounce.
According to analysts' estimates, the report will show that the US economy headed north by about 2% in the first quarter.
Despite the slowdown, current economic growth is the second longest American economic surge after the end of World War II.
Market experts are assured that this report won’t probably change the plans of Fed officials to gradually lift the interest rate, considering the anticipated surge in the American economy in the coming months because of tax cuts implemented by the Trump administration.
University of Michigan is expected to publish its data on the updated consumer sentiment index in America for April. According to the consensus forecast, the value of this index is going to be revised upwards to 98.0 versus the originally determined value of 97.8.
On Friday, historical talks burst out between North Korea and South Korea, thus reducing geopolitical tensions in East Asia.
Demand for gold soars in the days of geopolitical instability, and with its weakening – it dives. Against the backdrop of improving the situation on the Korean peninsula, worries as for geopolitics are receding, and investors prefer buying risky assets.
On Friday, gold prices minor changed. However, for the week, gold is preparing to fall by 1.5% due to the growth of the evergreen buck, the yield of US government bonds as well as the reduction of geopolitical fears.
Silver futures slumped by 0.3% hitting $16.450 per troy ounce.
As for palladium futures, they went down by 0.3% hitting $976.05 an ounce. As for prices for platinum, they dived 0.4% coming up with $906.7 an ounce.
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?
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.
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.
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