Inflation in the US, a catalyst for Gold's growth
While the Federal Reserve (Fed) concerns weigh on the US Dollar and allow the Gold price to remain firmer, the other concerns keep challenging precious metal prices. Among them, are the surprise rate hikes from the Reserve Bank of Australia (BoC), Bank of Canada (BoC) and the concerns that recent downbeat US jobs report isn’t a strong push to the Fed for monetary policy easing.
“The jump in initial claims in the first week of June (261k) to their highest level since September 2021 and the 0.3% rise in May unemployment to 3.7% raises the question of whether the labor market is finally starting to weaken. We think the Fed needs to see a period of sustained labor market weakness to be confident that its policies are working,” said Analysts at the ANZ.
Economic concerns about one of the world’s biggest Gold consumers, namely China, and fears of global recession also prod the Gold buyers. People's Bank of China (PBOC) Yi Gang said in a statement on Friday that China's Q2 GDP YoY growth is expected to be high mainly due to base effects. The policymaker added, “There is plenty of room for policy adjustment.”
With this in mind, Reuters said, “Physical gold demand slowed in China and India this week and forced dealers to offer discounts, with volatile prices in India prompting buyers to delay purchases.” The news also added on Friday that the top consumer China raised gold holdings for a seventh straight month to 67.27 million fine troy ounces by May-end.
GOLD BUY 1955 - 1953 💯💯
✅𝖳𝖯1 1960
✅𝖳𝖯2 1965
✅TP3 1970
🛑𝖲𝖫 1948
“The jump in initial claims in the first week of June (261k) to their highest level since September 2021 and the 0.3% rise in May unemployment to 3.7% raises the question of whether the labor market is finally starting to weaken. We think the Fed needs to see a period of sustained labor market weakness to be confident that its policies are working,” said Analysts at the ANZ.
Economic concerns about one of the world’s biggest Gold consumers, namely China, and fears of global recession also prod the Gold buyers. People's Bank of China (PBOC) Yi Gang said in a statement on Friday that China's Q2 GDP YoY growth is expected to be high mainly due to base effects. The policymaker added, “There is plenty of room for policy adjustment.”
With this in mind, Reuters said, “Physical gold demand slowed in China and India this week and forced dealers to offer discounts, with volatile prices in India prompting buyers to delay purchases.” The news also added on Friday that the top consumer China raised gold holdings for a seventh straight month to 67.27 million fine troy ounces by May-end.
GOLD BUY 1955 - 1953 💯💯
✅𝖳𝖯1 1960
✅𝖳𝖯2 1965
✅TP3 1970
🛑𝖲𝖫 1948
Comment:
GOLD BUY 1955 - 1953 💯💯 Hit TP1 + 60 Pips ✅✅✅
Comment:
GOLD BUY 1955 - 1953 💯💯 Hit TP2 + 100 Pips ✅✅✅
