Gold prices have reached new record highs
2023.06.01 17:12
Gold prices have reached new record highs
By Kristina Sobol
Budrigannews.com – The dollar fell on weaker U.S. employment and manufacturing data that suggested a rate hike pause in the next two weeks. On Thursday, gold futures jumped above $2,000 an ounce for the first time in two weeks and settled close to that level. The yellow metal appeared to be on track for its best weekly return since March.
on the Comex in New York, the ounce cost $1,995.50, up $13.40, or 0.7 percent, on the day. The benchmark gold fates hit a fourteen day high of $2,000.65 prior. Gold is expected to return 2.6% for the week, its highest level since March 10th.
The , which reflects actual exchanges bullion and is more firmly followed than fates by certain merchants, was at $1,976.39 by 14:53 ET (18:53 GMT), up $13.72 or 0.7% on the day. Spot gold got to as high as $1,983.17 prior in the meeting.
The, which pits the US currency against six majors, fell 0.7% to a session low of 103.435, its biggest one-day drop since March 10. The decrease came after a report from the industry showed that layoffs increased last month in the auto, retail, and tech sectors in the United States while hiring fell to their lowest level since 2016.
Challenger, Gray & Christmas, Inc.’s data offered a different perspective on the idea that the labor market was still too strong and kept feeding inflation. It could impact the Central bank to look the alternate way as opposed to raising rates for an eleventh time frame in 16 months when the national bank’s approach producers sit on June 14.
The Fed’s president for the Philadelphia region, Patrick Timothy Harker, said on Thursday that the central bank “should at least skip raising rates in June.” This caused the dollar to fall as well.
The Fed has identified runaway job and wage growth since the worst of the COVID-19 breakout three years ago as one of the primary reasons for some of the worst U.S. conditions in 40 years. At least on the gold market, all eyes are now on Friday’s May report.
Financial specialists are extending a development of 180,000 for May’s non-ranch payrolls report, versus April’s 253,000. The Labor Department would consider any figure less than 200,000 to be positive for gold and negative for the dollar.
OANDA analyst Ed Moya stated, “Gold prices are enjoying some soft U.S. data that is bringing down those Fed rate hike odds.” If the jobs report in the United States doesn’t impress, that could be the spark that gets gold back above $2,000 again.
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