World gold prices increased sharply with spot gold increasing by 29.3 USD to 2,355.6 USD/ounce. Gold futures last traded at $2,375.20 an ounce, up $27.80 from the bright spot.
World gold prices edged higher midweek, supported by a weakening USD and falling Treasury yields after the latest data showed the labor market cooling.
According to ADP's report, private companies created an additional 152,000 jobs in May, much lower than the number recorded last month and experts' forecasts. This is the lowest monthly number unchanged since the bad month.
RJO Futures senior market strategist Bob Haberkorn said the weak labor numbers act as a catalyst that could force the Federal Reserve to cut back before the end of the year. This has increased the appeal of gold. Lower performance reduces the opportunity cost of holding gold.
According to the CME FedWatch tool, traders saw a roughly 67% chance that the Fed will deliver monetary policy in September, up from less than 50% last week.
Analysts say that important upcoming US economic reports, including data on the health of the service sector and non-farm payrolls reports, are likely to influence the direction of printed gold prices. short.
World gold prices edged higher midweek, supported by a weakening USD and falling Treasury yields after the latest data showed the labor market cooling.
According to ADP's report, private companies created an additional 152,000 jobs in May, much lower than the number recorded last month and experts' forecasts. This is the lowest monthly number unchanged since the bad month.
RJO Futures senior market strategist Bob Haberkorn said the weak labor numbers act as a catalyst that could force the Federal Reserve to cut back before the end of the year. This has increased the appeal of gold. Lower performance reduces the opportunity cost of holding gold.
According to the CME FedWatch tool, traders saw a roughly 67% chance that the Fed will deliver monetary policy in September, up from less than 50% last week.
Analysts say that important upcoming US economic reports, including data on the health of the service sector and non-farm payrolls reports, are likely to influence the direction of printed gold prices. short.
Note
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PREMIUM CHANNEL โ๏ธ
๐ด9-12 signals per day
๐ดFree knowledge support
๐ด24/7 support for newbies.
๐ดYou always have priority.
t.me/xauusdtradingfx
๐ด9-12 signals per day
๐ดFree knowledge support
๐ด24/7 support for newbies.
๐ดYou always have priority.
t.me/xauusdtradingfx
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.