XAUUSD - Price continues to increase!

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold Update:
According to the weekly report from the US Department of Labor, the number of initial unemployment claims in the country has risen to its highest level since August last year. In the week ending on May 4th, the number of initial unemployment claims in the US increased by 20,000 compared to the previous week, surpassing expectations, reaching 231,000.

These figures increase expectations that the Fed will begin cutting interest rates at some point this year. Gold, as a non-interest-bearing asset, typically sees strengthened prices when prospects of Fed rate cuts increase.

Additionally, gold prices in this session are supported by the exchange rate of the USD and the decreasing yields of US Treasury bonds.

Following the US employment report, the Dollar Index, which measures the strength of the USD, decreased by about 0.3%, to just over 105.2 points. As gold is priced in USD, a depreciating USD is a beneficial factor for gold prices.

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