Gold and Silver both are trading lower today.Today's U.S economic data report has put moderate pressure on the precious metal market which dragged the price of yellow metal to $1287 per ounce.we have witnessed jobless claims falling by 10000 in today's weekly U.S jobless claims which is significantly a record number as it is the lowest level which we have seen in around 55 years,Due to this strong economic data risk appetite of investor has increased and likely to grow more in upcoming weeks which will likely drag the prices lower of precious metal sector. The U.S. dollar index moved to its daily high on the news.
The most important economic data for the month is set to be released today in about 5 hours.most investors and traders are waiting for this date(U.S. Labor Department’s employment report) to be released. The unemployment rate expected to remain at 3.8% with the key non-farm payrolls number in the report is forecast to be up 175,000 in March.
Numerous reports are coming out saying that the U.S-China trade deal could be finalised very soon. We are focusing on this report as the finalized deal will prompt to increase more risk appetite of the market participants however one europian report is favouring buyers where they published that the Italian growth has been significantly reduced from 1.0% to 0.1%. If the condition will get more severe then this may help bulls in the short term.