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 surges in early Asia trade
On Monday, gold soared in early Asia, as market participants see a week of political risk events, including the UK’s move to formally start its break from the EU.
Prime Minister Theresa May is going to set out how her government intends to restore sovereignty over the UK’s laws on Thursday, releasing a detailed paper on ending the supremacy of European lawmakers.
In New York, April delivery gold futures added 0.73%, trading at $1,252.90.
In the week ahead, market participants will be continuing to watch political developments in America because Trump’s promised tax reforms attract attention. Expectations that the Trump administration would stimulate growth and inflation via fiscal stimulus pushed the greenback to 14-year peaks in the weeks after the election.
However, the US dollar has dropped in recent week as it turned apparent that the White House would face difficulty in delivering on its legislative agenda.
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What Are FOMC Insights?
The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.
Will Australian Cash Rate Change?
The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.
ISM PMI Indicates Contraction
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.
