Gold prices fell after the release of US employment data
Positive data from the ADP report and initial unemployment claims caused the market to lower interest rate valuations, pushing gold prices down.
On January 4, strong employment data from the US economy caused the market to lower the price of the Fed's interest rate cuts this year, pushing up the USD and causing gold to slide. However, with geopolitical tensions in the Middle East, safe-haven demand for gold is expected to continue to increase. Currently, gold has recovered to $2,046.
With recent strong labor market data, all eyes will be on the NFP report, which is an important data point to assess the US labor market, thereby helping to determine policy trends. upcoming Fed.
On January 4, strong employment data from the US economy caused the market to lower the price of the Fed's interest rate cuts this year, pushing up the USD and causing gold to slide. However, with geopolitical tensions in the Middle East, safe-haven demand for gold is expected to continue to increase. Currently, gold has recovered to $2,046.
With recent strong labor market data, all eyes will be on the NFP report, which is an important data point to assess the US labor market, thereby helping to determine policy trends. upcoming Fed.
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