top of page
Laxmi Diamonds.png

Gold prices recovery halted on US jobs data


Gold futures retreated on Friday, down about 0.7 % to $1,981 in late morning trading in New York heading into the weekend, bringing their recent recovery to a halt, pressured by rising rates and U.S. dollar strength following sizzling-hot U.S. nonfarm payrolls growth.


For context, the latest U.S. employment survey showed that the country added 339,000 jobs in May, well above consensus estimates of 190,000. The solid report boosted Treasury yields across the curve, especially those at the front end, with the 2-year note climbing nearly 14 basis points to 4.47 %.


The remarkably strong labor market may prompt the Fed to continue to raise borrowing costs in the coming months as part of its battle to curb sticky inflation. It is also possible that monetary policy will remain restrictive for an extended period of time in response to the resilience of the economy.


For more Updates Do follow us on Social Media

Facebook Page https://bit.ly/3blw5Rg

WhatsApp Group https://bit.ly/JEWELBUZZ

13 views

Comments


bottom of page