Gold Price Forecast: XAU/USD to shrugg off US labour data โ Commerzbank
Gold is trading at just shy of $1,930 again. The ADPโs labour market data will be published in the US today, giving a foretaste of Fridayโs official labour market report. However, its impact on the yellow metal should be limited.
Under the influence of news about Ukraine war
โThe response of the markets reveals how nervous they are, and how news about the Ukraine war is influencing prices.โ
โJobs reports should show that the US labour market is in good shape and encouraging the US Fed in its view to raise interest rates more sharply. Bigger rate hikes are already anticipated by market participants, however, as can be seen from the Fed Fund Futures. We believe they are already priced in, meaning that the impact of the labour market data on the gold price should be limited.โ
Gold is trading at just shy of $1,930 again. The ADPโs labour market data will be published in the US today, giving a foretaste of Fridayโs official labour market report. However, its impact on the yellow metal should be limited.
Under the influence of news about Ukraine war
โThe response of the markets reveals how nervous they are, and how news about the Ukraine war is influencing prices.โ
โJobs reports should show that the US labour market is in good shape and encouraging the US Fed in its view to raise interest rates more sharply. Bigger rate hikes are already anticipated by market participants, however, as can be seen from the Fed Fund Futures. We believe they are already priced in, meaning that the impact of the labour market data on the gold price should be limited.โ
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