Today:

25/09/2021

Gold Down, Cautious Wait for U.S. Jobs Data Continues

Share this article

In Asia on Wednesday morning, gold was down. Investors remained cautiously optimistic as they awaited the latest U.S. jobs report, which could provide clues as to when the Federal Reserve will begin asset tapering and interest rate hikes. 

By 12:31 a.m. ET, gold futures had fallen 0.06 percent to $1,817.05. (4:31 AM GMT). The dollar, which typically moves in the opposite direction of gold, edged higher on Wednesday after hitting a more than three-week low the day before. 

The Conference Board (CB) consumer confidence index fell to 113.8 in June, a six-month low, and the S&P/Case-Shiller 20 n.s.a. house price index composite rose a record 19.1 percent. With labor market recovery a requirement for the Fed to begin asset tapering, all eyes are on Friday’s jobs report, including non-farm payrolls jobs

With the Eurozone consumer price index (CPI) growing at a faster-than-expected 3% year-on-year in August, some officials at the European Central Bank (ECB) are beginning to consider initiating asset cutting. 

ECB Governing Council member Robert Holzmann is one of them, having indicated that asset tapering should be on the agenda at the Governing Council meeting next week. 

China’s Caixin manufacturing purchasing manager jobs index (PMI), issued earlier in the day, was a lower-than-expected 49.2, falling short of the 50-mark, indicating expansion. Australia’s GDP increased 9.6% year on year and 0.7 percent quarter on quarter. 

On Tuesday, SPDR Gold Trust (P: GLD) holdings declined 0.2 percent to 1,000.26 tonnes, the lowest since April 2020. Silver was unchanged at $23.88 per ounce, while platinum was up 0.3 percent and palladium was up 0.5 percent in other precious metals. 

Source: Yahoo Finance 

Similar Articles

Don't Miss

Navy Will Cut 500 Civilian East Coast Jobs

To fulfil Navy Region Mid-Fiscal Atlantic's Year 2022 budget objective, 500 Navy civilian employees on the East Coast will be laid off, and port activities would be limited to daylight Monday through Friday.

Fed signals bond-buying taper may start soon

As the US central bank's shift away from economic crisis measures gets traction, the Federal Reserve indicated on Wednesday that it will likely begin cutting its monthly bond purchases as soon as November, and that interest rate hikes may come sooner than planned.

Should staff return to the office?

For example, it may persist with current Covid-19 precautions in the workplace, requiring employers to plan for social distancing and to provide extra hygiene facilities. There may also be special arrangements in place for Vulnerable workers, such as pregnant women and those who have been shielding during the crisis