Gold prices fell today as investors remained cautious ahead of important data on U.S. employment and inflation later this week, but stabilized above $5,000 an ounce as the price is an indicator of the direction of interest rates determined by the Federal Reserve (U.S. central bank).
Silver to $81.46
In spot trading, gold fell 0.7% to $5,029.49 an ounce. Yesterday, precious metals rose 2% and the dollar fell to its lowest level in over a week.
Gold reached an all-time high of $5,594.82 on January 29th.
US gold futures for next April fell 0.5% to $5,052.0.
Silver fell 2.1% to $81.64 in spot trading, after gaining about 7% in the previous session. Silver hit an all-time high of $121.64 on January 29th.
upside advantage
“The Cold War and the economic competition between the US and China are not going to end anytime soon and will probably continue for years to come,” said Ilya Spivak, head of macroeconomics at TestiLive. “So we’re in a situation where gold has some kind of upside advantage.”
Yesterday, White House Economic Advisor Kevin Hassett announced that U.S. job growth may decline in the coming months. Due to slowing labor force growth and rising productivity, this is influencing the current debate in the Preparatory Board.
Gold prices fell today but held steady above $5,000 an ounce as investors braced for important data on U.S. employment and inflation later this week, which could be an indicator of the path for interest rates determined by the Federal Reserve.
Silver: $81.46
Gold fell 0.7% in spot trading to $5,029.49 per ounce. Precious metals rose 2% yesterday as the dollar fell to a one-week low.
Gold hit an all-time high of $5,594.82 on January 29th.
US gold futures for April contract fell 0.5% to $5,052.0.
Silver fell 2.1% to $81.64 in spot trading, after rising nearly 7% in the previous session. Silver hit an all-time high of $121.64 on January 29th.
upside advantage
Elia Spivak, head of macroeconomics at Tasty Live, said: “The Cold War and economic competition between the US and China is unlikely to end anytime soon and will likely continue for many years to come. So we are in a position where gold has a kind of upside advantage.”
White House economic adviser Kevin Hassett announced yesterday that U.S. job growth is likely to be lower in coming months due to slower labor force growth and improved productivity, which will impact ongoing discussions at the Federal Reserve.
