Financial Mirror on Nostr: Gold extends rally above $2,160 ahead of US NFP - Financial Mirror ========== The ...
Gold extends rally above $2,160 ahead of US NFP - Financial Mirror
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The price of Gold extended its upside around $2,165 after reaching a record high during the early European session on Friday. A weaker US Dollar and a decline in US Treasury bond yields provided some support. Furthermore, the rising expectation for the first rate cut by the Federal Reserve (Fed) in the June meeting boosted demand. Investors will take more cues from the US nonfarm payrolls (NFP) data later on Friday for fresh impetus, which is expected to see 200,000 jobs added to the US economy. Meanwhile, European Central Bank chief Christine Lagarde indicated the ECB may ease policy in its June meeting. Chinese investors purchased the yellow metal as a safe place to keep their cash after the property sector and stock markets in China tumbled. The escalating geopolitical tensions in the Middle East might be attributed to the demand for traditional safe-haven assets as well.
#Gold #UsNfp #FederalReserve #EuropeanCentralBank
https://www.financialmirror.com/2024/03/08/gold-extends-rally-above-2160-ahead-of-us-nfp/
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The price of Gold extended its upside around $2,165 after reaching a record high during the early European session on Friday. A weaker US Dollar and a decline in US Treasury bond yields provided some support. Furthermore, the rising expectation for the first rate cut by the Federal Reserve (Fed) in the June meeting boosted demand. Investors will take more cues from the US nonfarm payrolls (NFP) data later on Friday for fresh impetus, which is expected to see 200,000 jobs added to the US economy. Meanwhile, European Central Bank chief Christine Lagarde indicated the ECB may ease policy in its June meeting. Chinese investors purchased the yellow metal as a safe place to keep their cash after the property sector and stock markets in China tumbled. The escalating geopolitical tensions in the Middle East might be attributed to the demand for traditional safe-haven assets as well.
#Gold #UsNfp #FederalReserve #EuropeanCentralBank
https://www.financialmirror.com/2024/03/08/gold-extends-rally-above-2160-ahead-of-us-nfp/