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 tacks on in Asia on geopolitics
On Monday, gold managed to tack on in Asia because North Korea shocked financial markets with a statement that its recent missile test was quite capable of carrying a huge nuclear warhead and market participants were also concerned with the potential spread of cyberattacks, which have already hit up to 200,000 victims in 150 countries.
In New York, June delivery gold futures inched up 0.20%, being worth $1,230.20 a troy ounce. Meanwhile, copper futures surged too, showing a 0.16% ascend and trading at $2.532 a pound notwithstanding poor industrial output data from China.
China posted industrial production inched up a less than expected 6.5%, thus missing a 7.5% profit observed. Additionally, China informed that in April retail sales added 10% on year, which is more than the 10% observed, while fixed-asset investment soared 8.9%, which is below the 9.1% expected.
The previous week, gold prices grew on Friday. It’s because the weaker greenback underpinned demand for the number one precious metal.
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?
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.