Gold price surpasses $1,700 as poor US data shifts sentiment. gold inflation markets
Other US employment data, including job openings and the ADP Research Institute’s figures will also be key this week.
“If the jobs data comes out weaker-than-expected, gold will rally. If it comes out much stronger, the market might interpret that as well, the Fed can keep going here with rates,” Bob Haberkorn, senior market strategist at RJO Futures,So far, the Federal Reserve has struggled to weaken the labor market with tighter policy, a major part of its battle with decades-hot inflation.
Tighter central bank policy typically hurts gold by pushing up bond yields, making the non-yielding asset less attractive. Safe haven flows and expectations for more aggressive rate hikes in the US than elsewhere has also driven a rally in the dollar, which is negatively correlated with gold. “Risk aversion has eased and investors stopped being interested in the US dollar as safe haven,” Boele added. “Some Fed officials are already a bit less hawkish.”
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