Gold price retreats as new US employment data sends hawkish signal. gold markets
, highlighting that the Fed would continue to remain hawkish for longer as the labour market sees continued strength.
New data shows that the number of Americans filing new claims for unemployment benefits dropped to a three-month low last week while layoffs fell 43% in December, pointing to a tight labour market. Atlanta Fed President Raphael Bostic on Thursday said US officials of the central bank “remain determined” to lower inflation back to its 2% target, while Kansas City Fed leader Esther George said the bank would need to press forward with rate rises.
The US economic outlook presented by Fed staff at last month’s meeting suggested that the battle to lower prices may last longer than anticipated.“If we get the same kind of ‘beats-expectations’ , we’ll probably see another extension lower on gold and silver —$1,805-$1,800 is your key level support,” Streible added.
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