Gold Heads for Strongest Week Since January, US Payrolls Data in Focus
Spot gold rose 0.4% to $4,254.11 an ounce as traders awaited July U.S. payrolls data for clues on interest rates.
- Gold prices hit a seven-week high on Friday, en route to their biggest weekly gain since January, bolstered by falling energy prices and weaker inflation expectations.
- Falling Crude prices and Hopes for peace in the Middle East drove inflation expectations lower, allowing Gold to surge above $4,000. President Donald Trump told reporters the war with Iran would end soon.
- Market participants brace for the Labor Department's nonfarm payrolls report at 1230 GMT on Friday. Traders currently see a 55% chance of a rate hike in September, down from 63% a week ago, per the CME FedWatch Tool.
- Federal Reserve Bank of St. Louis President Alberto Musalem favored increasing short-term borrowing costs, noting that gradual rate increases are preferable to potentially later, more abrupt changes.
- Matt Simpson, a senior analyst at StoneX, suspects bulls await dips to target a correction toward $4,600. Marex said "Going into August, we are somewhat friendlier towards gold and expect a wider trading band to set in.
21 Articles
21 Articles
Precious metals saw sharp increases following the surprising decline in US non-farm payrolls data for July. The weak data weakened expectations of interest rate hikes in the markets, causing gold and silver prices to climb rapidly; international financial institutions, however, continued to maintain their expectations of strong growth in the medium to long term.
Future interest opens this Friday in decline, on a morning when the environment abroad is less risky, with financial agents waiting for labor market data in the United States, in the so-called payroll. If the market shows much stronger numbers than expected, global rates can go up, which tends to affect local markets as well. By 9h05, the inter-financial deposit rate (ID) with maturity for January 2027 fell from 13.765% of the previous adjustmen…
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Gold Heads for Biggest Weekly Gain Since January as Investors Await U.S. Jobs Report
Gold prices rose on Friday and were on track to record their strongest weekly performance since January, supported by easing inflation concerns and growing expectations ... The post Gold Heads for Biggest Weekly Gain Since January as Investors Await U.S. Jobs Report first appeared on [your]NEWS.
Gold heads for best week since January; US jobs data in focus
Gold heads for best week since January, US jobs data in focus
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