💡 XAUUSD: Plunging after unemployment rate and ADP Nonfarm
Global gold prices are holding steady, with spot gold registering a modest increase of 2.3 USD, reaching 2,043.6 USD per ounce. Gold futures, in the latest trading session, settled at 2,050.7 USD per ounce, marking a 1.2 USD uptick from the previous day.
After a four-session decline, the world gold market has found stability, as investors await the release of the US non-farm payrolls report on Friday (US time) to gain insights into potential adjustments in the US Federal Reserve's (Fed) interest rates. Analysts suggest that if the data indicates a weakened labor market, it could bolster expectations of a Fed interest rate cut in March. Conversely, a robust job market report could influence the Fed's monetary policy roadmap.
Jim Wyckoff, a senior analyst at Kitco Metals, notes that bullish momentum in the gold market requires a catalyst for a price rally. However, a stronger-than-expected jobs report could exert downward pressure on prices and temper market anticipation of a Fed rate cut.
Recent data reveals that weekly US unemployment claims fell more than anticipated last week, and private sector employment experienced growth in December, underscoring the resilience of the labor market.
After a four-session decline, the world gold market has found stability, as investors await the release of the US non-farm payrolls report on Friday (US time) to gain insights into potential adjustments in the US Federal Reserve's (Fed) interest rates. Analysts suggest that if the data indicates a weakened labor market, it could bolster expectations of a Fed interest rate cut in March. Conversely, a robust job market report could influence the Fed's monetary policy roadmap.
Jim Wyckoff, a senior analyst at Kitco Metals, notes that bullish momentum in the gold market requires a catalyst for a price rally. However, a stronger-than-expected jobs report could exert downward pressure on prices and temper market anticipation of a Fed rate cut.
Recent data reveals that weekly US unemployment claims fell more than anticipated last week, and private sector employment experienced growth in December, underscoring the resilience of the labor market.
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Experts remain optimistic about gold in the medium term, saying that sooner or later the Fed will have to cut interest rates. In the minutes of the last meeting of 2023 released recently, Fed officials said that inflationary pressures were easing and expressed concern that "overly restrictive" monetary policy would pose a threat. for the economy.
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UBS analyst Giovanni Staunovo predicts that gold prices could rise to $2,250/ounce by the end of this year. This expert believes that interest rate cuts will attract investors back to gold exchange-traded funds.
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