๐ก XAUUSD: Sharp increase after Unemployment Claims
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โก๏ธ The global gold price experienced a significant upturn last night and this morning, driven by recent developments in the US economy. On November 16, there was a pronounced surge in the weekly unemployment benefit applications and the 4-week average, prompting a shift in the precious metal market.
โก๏ธ To provide specific figures, the first-time applications for unemployment benefits in the preceding week reached 231,000, surpassing the previous week's 218,000 and exceeding the anticipated 220,000. The 4-week average for first-time subsidy applications also rose from 21,250 to 22,025.
โก๏ธ This escalating trend in unemployment benefit applications has led experts and investors to speculate that the US economy is displaying early signs of vulnerability. The increasing challenges faced by businesses in production are believed to be prompting layoffs as a measure to ensure ongoing operational viability.
โก๏ธ To provide specific figures, the first-time applications for unemployment benefits in the preceding week reached 231,000, surpassing the previous week's 218,000 and exceeding the anticipated 220,000. The 4-week average for first-time subsidy applications also rose from 21,250 to 22,025.
โก๏ธ This escalating trend in unemployment benefit applications has led experts and investors to speculate that the US economy is displaying early signs of vulnerability. The increasing challenges faced by businesses in production are believed to be prompting layoffs as a measure to ensure ongoing operational viability.
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โก๏ธ With production difficulties, investors have returned to buying gold to prevent risks and seek profits from precious metals. Therefore, gold prices increased sharply.ืืขืจื
On Wednesday, the latest data revealed a notable decline in US producer prices, marking the most significant drop in 3.5 years for the month of October. This serves as a recent indication that inflationary pressures are subsiding. Additionally, retail sales experienced a decrease, marking the first decline in seven months. Notably, data from the preceding Tuesday indicated that US pepper prices remained unchanged compared to the levels observed in October.ืืขืจื
Signs of slowing inflation have prompted investors to bet that the Fed is done raising interest rates. Lower interest rates will increase the appeal of non-interest-bearing assets like gold.ืืขืจื
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