Gold price rises on mixed signal from US jobs data. gold usa markets
. “But gold and silver just aren’t responding to the ‘good news is bad news’ hawkish Fed narrative.”
The conflicting report did not provide a clear indication that the labor market is cooling, which would allow the Fed to slow its rate hikes. Gold has slumped about 20% this year due to the central bank’s relentless monetary tightening, which diminishes the appeal of non-yielding assets like gold. Chair Jerome Powell signaled less aggressive tightening could be appropriate going forward, after hiking rates 75 basis points at this week’s meeting. Still, monetary policy will probably have to be more restrictive than previously anticipated to cool high inflation, he said on Wednesday.
“With support firmly established at $1,615, the first key upside challenge awaits in the $1,675-80 area where we find a recent high, the 50-day moving and trendline from the March high,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here's how the stock market has handled Fed decision days under Jerome PowellSince Jerome Powell took over the Federal Reserve, the S&P 500 index has averaged a gain of about 0.3% on “Fed days,” according to an analysis by Bespoke Investment Group:
Read more »
Fed Press Conference: Chairman Jerome Powell speech live stream – November 2Jerome Powell, Chairman of the Federal Reserve System, will be delivering his remarks on the monetary policy outlook at a press conference following t
Read more »
Larry Kudlow: Jerome Powell should not try to explain the unexplainableFOX Business host Larry Kudlow critiques Fed chairman Jerome Powell's conference on interest rates, calling his speech 'word salad' on 'Kudlow.'
Read more »
Federal Reserve Squeezes Economy Amid Increasing CriticismWith inflation an increasing challenge, it's more likely that the central bank will have to cause a recession to stop it, said Fed Chair Jerome Powell.
Read more »
Powell: Rate hikes may slow, but inflation fight hardly overFederal Reserve Chair Jerome Powell sought Wednesday to strike a delicate balance at a moment when high inflation is bedeviling the nation’s economy and commanding attention in the midterm elections
Read more »
Powell: Rate hikes may slow, but inflation fight hardly overFederal Reserve Chair Jerome Powell sought to strike a delicate balance at a moment when high inflation is bedeviling the nation’s economy and commanding a central role in the midterm elections
Read more »