Reply to thread

Message: [QUOTE="Zerologic, post: 236353, member: 126754"] [ATTACH type="full"]29401[/ATTACH] Gold prices rose on Monday, still within a range Gold prices fell at the end of last week due to mixed US economic data. Gold prices rose to a high of $2,528, but failed to extend the increase after the NFP and Unemployment rate data were released. Gold prices plunged to a low of $2484 on the same day and closed at $2496. Friday's NFP data showed the US added fewer jobs than expected in August. The data indicates that the labor market is weakening overall and therefore, there is a greater chance for the Fed to make a larger 0.50% interest rate cut rather than the standard 0.25% in September. Seeing these expectations should be good for gold as a non-yielding asset when interest rate expectations are lower. However, gold failed to continue its increase due to mixed other data. The Unemployment Rate, fell to 4.2% from 4.3% as expected, and wage growth increased 0.4% on the month, beating the 0.3% forecast. The mixed US economic data caused gold prices to fall below $2500 before rebounding again. In general, gold prices are still moving within the market range of around $2500. Meanwhile, data from the PBoC shows no increase in bank gold reserves. As is known, China is the world's largest gold importer apart from Türkiye and India. Investors may still be waiting for the Fed to cut interest rates this month, expected September 18. According to the CME Group's FedWatch tool, the target probability of a 0.25% cut is 70% and the probability of a 0.50% cut is 30%. [/QUOTE]

Verification

Top Bottom