Unemployment Data Gets Investing.com Gold

Written by Gina Lee

Investing.com – Little change in Thursday morning trading in Asia, as investors hinted the central bank may start cutting assets earlier than expected.

It was also trading at 1,813.60 at 1:09 am ET (5:09 am GMT).

While gold rose more than 1% in the previous session, the United States released economic data indicating that it was at 330,000 in July, which is lower than expected. The data also mentioned that it reached 59.9, while the Institute for Supply Management recorded non-manufacturing employment at 53.8 and non-manufacturing employment at 64.1.

Investors are now anxiously awaiting Friday, including non-farm payrolls, to assess the Fed’s next move

In the Asia-Pacific region, Australian trade data for June, released earlier today, showed exports were up 4% month-over-month, imports were up 1% a month over month and the trade balance stood at A $ 10.496 billion.

As the yellow metal gave up most of its gains overnight, after Fed Vice Chairman Richard Clarida suggested the terms for interest rate hikes could be met by the end of 2022. He also said the Fed could start reducing its assets later in the year, earlier than expected.

Investors in the Asia-Pacific region are also trying to balance weak US economic data with hawkish comments from Federal Reserve officials, highlighting Friday’s US employment report, including non-farm wages, a Margaret Yang, strategist at DailyForex, told Reuters.

He also added that “For gold to break through the $ 1,835 level (resistance level), some catalysts might be poorer than expected in the non-farm payroll … as well as the rapid spread of the delta variable to the states. -United, which could lead to blockages and social problems. Distancing, “.

Investors are now awaiting the Bank of England’s policy decision, expected later today.

Meanwhile, the number of COVID-19 cases worldwide exceeded 200 million as of August 5, according to data from Johns Hopkins University.

As for other precious metals, it was little changed at $ 25.34 an ounce, after hitting a three-week high on Wednesday. Platinum fell to a seven-month low of $ 1,005.50 earlier in the session, and was last down 1.5%, while declining 0.1%.

To learn more about the state of the US economy today:

Update

It was released because it registered 385,000 claims for unemployment benefits, and the estimate was that the total claims would reach 384,000, and the difference is not large, but it reveals that the state of the labor market American has not improved enough, favorable, who affirmed that the economic recovery is still far away and that the American market has not recovered from the consequences of the epidemic.

Gold is currently registering $ 1,811, down 0.04%. While registering 1,811.75, down 0.15%.

A look at the expectations of the gold price movement and important levels:

To find out the impact of the US package on commodities and currencies: