
PT Solid Gold Berjangka | Gold Steadies Near Seven-Month Low After Strong US Jobs Data
Based on the provided information, here’s a summary of the current situation in the gold market:
1. Gold Price and Market Sentiment :
– Gold prices have stabilized at nearly a seven-month low due to Treasury yields reaching new multi-year highs. The recent trend indicates a higher-for-longer rate environment, which is typically unfavorable for gold as it is a non-yielding asset.
– The recent decline in gold prices marked a seven-day losing streak, the longest since 2018.
2. US Employment Data Impact :
– The latest US employment data for August unexpectedly showed an increase in job openings, underscoring sustained labor demand. This reinforced market expectations for a prolonged period of higher interest rates by the Federal Reserve.
– Markets have responded by increasing their bets on further monetary tightening by the Federal Reserve, driven by the perception of the US economy’s resilience beyond initial expectations.
3. Anticipation of Upcoming Jobs Report :
– Traders are closely monitoring the upcoming monthly jobs report, expected to be released on Friday. Forecasts suggest an addition of 170,000 jobs in September, which is a 9% decrease from the previous month. The unemployment rate is predicted to show a slight decrease.
4. Current Gold Price and Performance :
– As of the latest data, spot gold is holding steady at $1,822 per ounce in Singapore. For the week so far, gold is down approximately 1.3%.
– Platinum is reported to be flat after reaching its lowest point in a year in the previous session. Silver has seen minimal change, while palladium has experienced a slight increase.
The gold market is currently influenced by factors such as Treasury yields, employment data, monetary policy expectations, and economic resilience indicators, all of which contribute to the trends and performance of the precious metal.
Source : Bloomberg