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.
Yellow metal breaks 3-day losing streak
On Friday, gold recovered following a three-day losing marathon, passing back above the psychologically crucial $1,300 mark.
Notwithstanding the rebound, the precious commodity was still on track for its worst monthly outcome since last August because a firmer evergreen buck as well as a preference for stocks put pressure.
On the Comex exchange, June delivery gold futures rallied by 0.5% hitting $1,301.85 a troy ounce.
Gold pared a weekly 1% dive, although stayed on course for a 2% tumble in March. On the contrary, the evergreen buck was braced for its best monthly performance for the last five months, thus making the dollar-denominated yellow metal more expensive for investors who hold foreign currencies.
Notwithstanding turbulence in equity markets for the last 10 days, the S&P 500 has leapt over 1% during March, and its quarterly jump of more than 12% is braced for its best first-quarter performance since 2009.
Some experts pointed out that if they have an upbeat result from the US-China) trade negotiations, the yellow commodity will be pressured as market participants will rotate out into riskier assets. On the contrary, in case of a negative result, shares will slump and investors will opt for safe-haven stuff, including gold. In general, financial markets are currently in the wait-and-see mode.
As for other metals, silver futures managed to head north by up to 0.9% concluding the trading session at $15.072 a troy ounce.
In addition to this, palladium futures tacked on by about 2.2% coming up with $1,338.50 an ounce. Additionally, platinum futures surged by approximately 1.8% being worth $858.60.
Besides this, copper futures inched up by about 2.3% hitting $2.938 a pound.
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).