01/10/2021 07:03 0
01-10-2021 07:03:51+07:00
World gold jumped more than 2% when the dollar fell
Gold price sometimes increased more than 2% on Thursday (September 30) after The USD weakened due to a decrease in the number of weekly US jobs, however, the recent decline was due to the expectation that the US Federal Reserve (Fed) will soon tighten support. economic support has caused gold to record a quarter of decline.
At the end of Thursday’s session, the spot gold contract advanced 1.7% to 1,755.56 USD/oz, after jumping 2.2% to the level. 1-week high at the beginning of the session. Gold futures added 2% to $1,757 an ounce.
On Thursday, data showed the number of Americans filing for unemployment benefits for the first time. increased last week, which could raise concerns that the labor market is weakening.
Independent consultant Robin Bhar said: “This also leads to uncertainty about Fed tightening because they want a strong job market. strong to announce a tightening move.” Mr. Bhar added that any delay will have a positive impact on gold.
“Gold is also improving with some investors looking to hedge. In the face of economic instability, inflation increases,” said Bhar.
However, the prospect of Fed tightening, which is expected to begin in November, is likely to continue continues to rise, is expected to put more pressure on non-yielding metals.
The easing of central bank stimulus and higher interest rates may trend drives government bond yields to climb, thereby increasing the opportunity cost of holding gold.
“Copper USD is stronger and interest rate is higher is a negative combination for gold”, commented Commerzbank.
An Tran (According to CNBC)
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