Summary
[Gold price rises by more than 1%, US employment growth is less than expected, making the Fed’s prospects for reducing debt purchases clouded]① Gold prices rose by more than 1% on Friday, hitting the highest in two and a half months. In August, US employment growth was lower than expected, which dragged the dollar down. People have doubts about the Fed’s timetable for reducing quantitative easing; ②As of now, spot gold has risen by 1.15% to US$1830.57 per ounce, earlier hitting US$1834.03, the highest since mid-June, and is expected to rise for the fourth consecutive week; The settlement price of US gold futures rose 1.2% to US$1833.7 per ounce; ③ As the number of new coronavirus infections soared, the US employment growth in August was much lower than expected.Soon after the announcement of the employment report, the US dollar index fell, increasing the attractiveness of gold to investors holding other currencies; ④ Saxo Bank analyst Ole Hansen said that the price of gold received a gratifying boost from the much weaker-than-expected employment report , But the price of gold failed to break through the resistance level of US$1835 per ounce, which may indicate that some people are skeptical about whether this means peak growth and postponement of asset purchases; ⑤ Forex brokerage firm OANDA senior market analyst Ed Moya said, subconsciously The reaction of the gold price is positive, because the overall data is significantly lower than expected, which almost ruled out the possibility of reducing quantitative easing in September; he believes that the price of gold is expected to rise to 1,850 US dollars; ⑥ Standard Chartered precious metals analyst Suki Cooper pointed out that the market focus will shift Federal Open Market Commissioner until September
① The price of gold rose by more than 1% on Friday, reaching its highest level in two and a half months. In August, the US employment growth was lower than expected, which dragged the dollar down, which is quite right.MidlandThe timetable for the reduction of quantitative easing is doubtful; ②As of now, spot gold has risen by 1.15% to US$1830.57 per ounce, earlier hitting the highest level since mid-June of US$1834.03. The weekly price is expected to rise for the fourth consecutive week; US gold The futures settlement price rose 1.2% to US$1833.7 per ounce; ③ As the number of new coronavirus infections soared, the US employment growth in August was much lower than expected.Soon after the employment report was released, the U.S. dollar index fell, which strengthened gold’scurrencyThe attractiveness of investors; ④ SaxoBankAnalystOle Hansen said that the price of gold received a welcome boost from the much weaker than expected employment report, but the price of gold failed to break through the resistance level of $1,835 per ounce, which may indicate that some people are concerned about whether this means peak growth and postponement of contraction. Asset purchases are skeptical; ⑤ Ed Moya, a senior market analyst at the foreign exchange brokerage company OANDA, said that the subconscious reaction was positive for the price of gold, because the overall data was significantly lower than expected, which almost ruled out the possibility of reducing quantitative easing in September; he believes that the price of gold It is expected to rise to US$1850; ⑥ Standard CharteredBankPrecious metalsAnalyst Suki Cooper pointed out that the market focus will shift to the Federal Open Market Committee (FOMC) meeting in September. Given our expectations of a weaker U.S. dollar and real yields that will remain deeply negative, gold has further upside risks.
(Source: Zhitong Finance Network)
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