Unemployment data moves gold, accelerates Fed’s move By Investing.com

Written by Gina Lee

Investing.com – It was down in Asian trading Thursday morning, remaining near two-week lows. The strengthening of index futures also contributed to the losses of the yellow metal, as investors also await the latest policy decision from the European Central Bank.

It was also down 0.21% to $ 1,789.75 at 12:18 am ET (4:18 GMT) after hitting $ 1,781.30, its lowest level since August 26, in the previous session. The dollar, which generally moves in reverse with gold, rose on Thursday.

The European Central Bank will do this later today, when it is expected to start reducing its assets while maintaining stable support over the following years.

Meanwhile, the Bank of Canada kept its interest rate at 0.25% after making its policy decision on Wednesday. Investors are now focused on whether the assets are in the year after the disappointing release the week before. The still growing number of daily COVID-19 cases and deaths in the country remains a concern.

In the Asia-Pacific region, Chinese inflation data released earlier today shows that the CPI rose 0.1% month-on-month and 0.8% year-on-year in August. While the producer price index rose 9.5% year on year.

Meanwhile, the World Platinum Investment Council expects the global platinum market on Thursday to be in surplus this year with an oversupply of mines and declining investment demand.

In other precious metals news, platinum was down 0.4% and silver 0.1%. It fell 0.2% to $ 2,245.89, after hitting $ 2,213.95, its lowest level since Wednesday, February 2.

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Update 3:30 p.m. Riyadh time

It was released a few moments ago and recorded 310,000, and the estimate was 335,000, and those numbers are positive.

Unemployment data in the United States is an important indicator of the state of the economic recovery. They are published weekly and used by investors to learn about the state of the US economy and the strength of companies during that time.

The market is being watched by indicators of the state of the labor market as Federal Reserve Chairman Jerome Powell relies on the state of the labor market to measure economic recovery and make his decision on reducing buying of bonds.

It should be noted that the European Central Bank today announced the start of the tightening and announced that it will reduce the volume of purchases of PEPP bonds in the next quarter, in an attempt to control the inflation rate. At the same time, members of the US Federal Reserve, notably Kaplan and Bostick, are calling for the need to start cutting back on purchases to control inflation.

While Kaplan said the bad employment data does not accurately reflect the state of the labor market because he believes there are many job opportunities available, but some are not happy with them, which affects employment data and makes it negative.

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And at those times, it’s registered at $ 1,796.82 an ounce, while it registers at $ 1,797.3 an ounce.

It registers at $ 69.08 per barrel, down 48.4%, while its price is set at $ 72.3 per barrel, down 0.4%.

It stood at $ 92.51 against a basket of foreign currencies, down 0.15%.

Update 3:45 p.m. Riyadh time

Gold is now at 1791.54, losing some of its gains and retreating to an increase of 0.13%.

While it recorded 24,168, an increase of 0.44%.

The US dollar index registered 92.53, down 0.14%.