This is the Gold Metal Movement Towards the Weekend

 Gold prices fell in the Asian session, failing to sustain gains following readings of US unemployment claims data that disappointed market expectations.

Spot gold was slightly lower by trading around $ 1,802 per ounce, while gold futures were trading lower at $ 1,803 per ounce.

During the New York session, the price of gold had slipped to a low of more than a week before rebounding above the $ 1,800 per ounce price level.

Total US weekly unemployment benefits jumped higher than expected for the third week in a row, rising to 419,000 last week, the highest level in two months.

The US dollar, which was initially affected by the disappointing reading, returned against most major currencies in the Asian session.

The release of manufacturing and services PMI data from Europe and the US will be the main focus of the market today, to gain clarity on the current economic growth in the face of the threat of the Delta virus variant.

America has begun to feel the impact of the spread of this variant, which has seen an increase in areas that have not yet received the vaccine. This may prevent the Federal Reserve (Fed) from tightening policy earlier.

Previous Post Next Post