How has gold been affected after the unemployment data emerged? by Investing.com



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© Reuters.

Written by Gina Lee

Investing.com – It was down in Asian trading on Thursday morning as investors continued to digest the US Federal Reserve meeting since its last policy meeting. The high and low yields also limited the gains of the yellow metal.

However, the US dollar index and bond yields fell early in European trading. The European Central Bank, for its part, is expected to raise its inflation target to 2% and make room for any necessary overruns in the outcome of its 18-month strategy review, which is scheduled for later today.

Today, gold is also awaiting US jobless claims data and oil data.

It was also down 0.30% to $ 1,796.65 by 12:35 am ET (4:35 GMT). While the dollar, which generally moves in reverse with gold, hit a three-month high on Thursday.

Yields on the benchmark 10-year US Treasury Index fell to their lowest since February 19 after posting gains in the previous session.

The June Fed meeting minutes also indicated that the central bank was taking action to reduce its asset purchases as early as 2021. Although Fed officials believed more significant progress in the US economic recovery “were generally considered to have not yet been achieved”, preparation was needed in case assets had to be reduced sooner than expected.

Atlanta Fed Chairman Rafael Bostic has warned that a new spike in COVID-19 cases driven by the more virulent delta variant could cause consumers to “slow down” and slow the U.S. recovery.

The death toll from COVID-19 crossed the four million mark as of July 8, according to data from Johns Hopkins University.

SPDR® Gold Shares (NYSE 🙂 also said its holdings fell 0.2% to 1,040.48 tonnes on Wednesday from 1,042.23 tonnes on Tuesday. In Australia, the Perth Mint said in a blog post that gold sales fell to an eight-month low in June, but were higher on a year-over-year basis, while sales were at their highest level in over a year.

As for other precious metals, silver fell 0.2%, while platinum fell 0.1% and 0.4%.

Read our analysis of gold:

Update:

The weekly has appeared now and turned negative with 373,000 claims for unemployment benefits and the estimate was 350,000, which means 23,000 more unemployment than expected.

It is currently registering 1,816.36, an increase of 0.7%, and it is expected that this data will have a positive impact on the price of gold.

The current atmosphere is increasing Corona case hikes and investors’ reliance on gold to hedge against inflation risks and market fluctuations.

Update:

Gold consolidates its rise within minutes of the release of unemployment data, which turned negative, and gold is currently registering $ 1,818 per ounce, an increase of 0.8%, confirming the uptrend of gold that lives happy days because it has managed to maintain its value above the 1800 levels for several days.

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