Gold price clings to the $2,300 figure in the mid-North American session on Thursday amid an upbeat market sentiment, falling US Treasury yields, and a softer US Dollar.
Gold stabilizes at $2,305, down 0.60% amid positive sentiment, lower US Treasury yields, softer USD. Fed holds fed funds rate, tweaks to QT program influence market dynamics. Chair Powell urges caution on rate changes pending clearer inflation progress. Traders are still digesting Wednesday’s comments of the Federal Reserve’s Chairman, Jerome Powell, and the US central bank's decision to hold rates unchanged.
On May 3, the US Bureau of Labor Statistics is expected to reveal April’s Nonfarm Payrolls figures, which are expected to come at 243K, below March’s 303K. The Unemployment Rate is estimated to stay at 3.8%, while Average Hourly Earnings would likely remain unchanged at 0.3% MoM. Data from the Chicago Board of Trade suggests that traders expect the fed funds rate to finish 2024 at 5.045%, down from 5.100% on Wednesday.
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