Gold prices remains under pressure as U.S. Weekly jobless claims fall by 10K
The gold market is experiencing technical selling pressure and a decline in response to better-than-expected US labor market data.
Topics
Posted 8/24/2023, 12:48:00 PM
kitco.com
Relevant topic timeline:
The gold market declined as US factory goods orders showed a larger decrease than expected, indicating possible economic weakness.
The gold market is in need of a catalyst to break its current downtrend, with the upcoming economic data playing a crucial role in determining its direction.
Gold and silver prices are slightly up in quieter early U.S. trading, with traders and investors anticipating a more active market next week following the Labor Day weekend holiday.
Gold price is aiming to sustain above $1,920.00 as pressure builds on the US Dollar and Treasury yields, with the upcoming labor market data playing a crucial role in guiding the Federal Reserve's policy action.
Gold and silver prices rise to three-week and four-week highs respectively, driven by weaker-than-expected U.S. economic data and a decline in the U.S. dollar index.
Silver and gold prices have slightly declined, with silver down 4% and gold down 0.5%, leading to speculation about the potential for traders to switch back to silver from gold.
Gold prices decline slightly as the dollar remains strong, with investors awaiting further signals on the U.S. Federal Reserve's monetary policy after an expected interest rate pause this month.
Gold and silver prices are lower due to technical selling and a lack of fresh fundamental news, while rising crude oil prices have potential economic and marketplace effects.
Gold prices fell around 1% after Labor Day, with retail investors expecting further declines next week, while market analysts remain bearish, citing the strength of the U.S. dollar as a key factor influencing gold's performance.
The gold market is testing resistance around $1,950 an ounce as U.S. sentiment sours and inflation pressures ease.
Gold prices are trading at session lows due to tighter labor market conditions and significant selling pressure, as weekly jobless claims fell by 20,000 to 201,000, surprising economists who were expecting an increase.