Gold Futures Soars Ahead of U.S. Employment Job Data

1 April, 2016

Gold prices rose as the investors waited for the outcome of the U.S. employment data to be released later today.

On the Comex division of the New York Mercantile Exchange, gold futures for June edged higher by 0.34 percent or $4.20 to $1,232.80 per troy ounce. Spot gold increased by 0.8 percent as it traded to $1,236.60 per ounce.

Silver futures for May delivery added 9.4 cents to trade at $15.30 per troy ounce at the European trading session while copper lost $2.170 to change hands at $2.70 per pound.

Prior to the rally of the yellow metal, it hit a one-week high of $1,246.80 as the market seek for the accuracy of the details regarding the Federal Reserve interest rate hike for twice this year. During the first quarter of the year, it has accumulated 15 percent gain despite the slower economic growth in China and the projected rate hike of the Fed.

Aside from the employment data, the investors keep their eyes open with the result of the U.S. nonfarm payrolls data to be disclosed this Friday. Based on the released reports, it was estimated that employment growth could jump up to 205,000 at the end of the month while unemployment would stay at 4.9 percent hopefully.

Moreover, Asian nation is also set to disclose its manufacturing data for the month on April 1. Similarly, the China Federation of Logistics and Purchasing will announce the data on manufacturing sector activity and the Caixin manufacturing index will come afterwards.

The yellow commodity reciprocated its bullish trend from the previous session after the statement of the Fed Chairwoman Janet Yellen that the policy must be tightened due to growth and inflation concerns.

After the announcement of Yellen, other Fed president from different cities will also deliver their speech, including New York Fed President William Dudeley, Chicago Fed President Charles Evans and San Francisco Fed President John Williams.

An economic analyst shared that the combination of safe-haven demand on the back of worries about China, a scaling back of expectations of further rate hikes from the Fed, and the rising  inflation expectation has been behind the rally in the gold price.

Source link  
Gold Gains Ahead Of US Jobs Data

Market players kept their guards up as they await the US labor data report, a strong reading of which could urge the Federal Reserve to increase interest rates this month – a decision that would be bearish for non-interest bearing gold...

US Inflation Data Projected To Surge

The US economic growth has been sluggish in the first quarter, although not as strongly as initially expected, amid an increase in spending on home architecture and a constant increase in inventory investment by business...

Goldman Sachs: Market Flips into Deficit, Oil Surges

Oil prices increased more than 1 percent on Monday after Goldman Sachs stated that the market has ended for nearly two years of oversupply subsequent to a global oil disruptions and a market deficit...

AUD, NZD Edge Higher but Gains Still Limited

The Australian and New Zealand dollars rallied against the greenback on Wednesday, but gains were anticipated to stay capped by lower prices of crude oil...

World Stock Markets Soar

World stock markets rallied on Tuesday, fueled by a strong corporate earnings in Europe, including improvements on Greek debt talks and Japan’s new pledge in preparation to a weaker currency...

Gold Rallies as USD Plunges to 16-month Lows

Gold prices ticked higher as the greenback slid to 16-month lows during the session earlier. On the Comex division of the New York Mercantile Exchange, gold delivery for June rallied at $1,303.85 per troy ounce, advancing $6.55 or 0.51 percent...

Asian Shares Tumble, Nikkei Falls Against Yen

Analysts forecast that Germany DAX would hit 0.06 percent higher when the market opens, while France’s CAC 40 was anticipated to remain steady. Meanwhile, UK markets are closed due to a public holiday.

US Stocks Down after BOJ Hold Interest Rate

Shares in the U.S. plummeted following the decline of the stocks in the Asian market as the Bank of Japan left the interest rate unchanged...

U.S. futures Slides Ahead of Data Flow

Wall Street futures dropped on Friday after the Dow issued its first decline of more than 1% in two months, while investors are closely watching on data...

In the past 24 hours Bitcoin has gained 0.79% and reached $3268.57425667. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.0395% and is now at $1.1371. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -9.7% and is now at $85.7119675557. Have the most popular cryptocurrencies compared online 24/7.

Top Brokers offering Forex Market Analysis

Forex Currencies Forecasts

Top 10 Forex Brokers 2018

# Broker Review
6FIBO GroupFIBO Group84%