Gold Slips Lower, US Labor Data Strong, US PMIs Mixed

thecekodok


The yellow metal market fell more than 0.50% in Thursday trading following the release of strong labor data despite weak manufacturing activity based on the Global Flash PMI survey.


At 9.30 am, gold prices were at $3,367.88, unchanged since they opened early Friday in Asian trading.


Data from the United States revealed that the number of its citizens filing for unemployment benefits fell below expectations, reflecting positive values. However, the PMI report showed that the economy lost momentum after falling from a 37-month high.


In addition, the European Central Bank (ECB) kept interest rates on hold following the Federal Reserve (Fed) amid uncertainty stemming from US trade policies that have caused global turmoil.


Recently, tariff negotiations with Japan, the European Union (EU), Canada and Mexico have led to a rise in gold asset prices due to the imposition of duties of around 30%.


The latest news reports that the US President is scheduled to visit the Federal Reserve, which is undergoing a makeover amid continued criticism of Fed Chairman Jerome Powell, threatening the independence of the organization and sparking support for gold.


For now, market participants will be looking ahead to the release of Durable Goods Orders data on Friday ahead of the Fed's monetary policy decision next week.

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