Home » Gold price near all-time high – Jerome Powell and US labor market data in focus

Gold price near all-time high – Jerome Powell and US labor market data in focus

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Gold price near all-time high – Jerome Powell and US labor market data in focus

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A notice: Past performance or simulations are not a reliable indicator of future performance.

Gold price near record high – Jerome Powell and US labor market data in focus

The price of gold remained above the psychological 2,100 mark on Tuesday morning at around $2,120 per troy ounce. Investors should be particularly prepared for monetary policy stimulus this week. Fed Chairman Jerome Powell will appear in public twice this week. The ECB meeting should also provide impetus. Last but not least, the US labor market data next Friday could decide the outcome.

Fed representatives appear before the public – the ECB meets on Thursday

There will be a total of two speeches by Fed Governor Barr on Tuesday at 6:00 p.m. and 9:30 p.m. to look for monetary policy information.

Raphael Bostic said on Monday that the central bank was not under pressure to urgently reduce interest rates. He referred to a “prosperous” economy and a “prosperous” labor market.

In the eurozone, the meeting of the European Central Bank (ECB) next Thursday may provide some impetus. The key interest rate decision is expected at 2:15 p.m. and the subsequent press conference with Christine Lagarde at 2:45 p.m. Investors expect a break in interest rates and thus a status quo of the current interest rate level of 4.50 percent.

As was the case the day before, Fed Chairman Jerome Powell will give another speech from 4:00 p.m. A speech by Daly from the San Francisco Fed rounds out the day at 6 p.m.

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A look at US labor market data on Friday – investors are hoping for a revival of interest rate cut fantasies

The official US non-farm payrolls report is expected to attract investor interest on Friday at 2:30 p.m. A job increase of 200,000 units is expected after 353,000 new jobs in the previous month. The unemployment rate is likely to remain at 3.7 percent. It should be important to look at the development of wage levels, which could lose momentum.
A weak jobs report is likely to revive interest rate cut fantasies that have recently faded and thus also make interest-free investments such as gold more attractive.

If the record high of around $2,146 can be overcome, investors could potentially head for the $2,200 mark.

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