- Gold prices fell amid lower US Treasury yields and a strong US Dollar. The US 10-year Treasury note is yielding 4.49%, up seven basis points (bps) from its opening level. The US Dollar Index (DXY), which tracks the Greenback's performance against six other currencies, is up 0.16% to 105.55.
- Last Friday, April's US NFP missed estimates and trailed March's figures. The Institute for Supply Management (ISM) PMIs in the manufacturing and services sectors entering contractionary territory might undermine the US Dollar, a tailwind for the golden metal.
- Nevertheless, recent hawkish comments by Minneapolis Fed President Neel Kashkari, who said that the Fed might stay put on interest rates and opened the door to raising the fed funds rate if inflation doesn’t resume its downtrend, bolstered the Greenback.
- Gold has advanced more than 12% so far in 2024, courtesy of expectations that major central banks will begin to reduce rates. Renewed fears that the Middle East conflict could resume between Israel and Hamas can sponsor a leg up in XAU/USD prices.
- According to Reuters, the People’s Bank of China (PBoC) continued to accumulate Gold for the 18th straight month, adding 60,000 troy ounces to its reserves amid higher prices.
- Following the US NFP data release, the CME FedWatch Tool shows that odds for a quarter-percentage-point cut in September increased from 55% before the report to 85%.
- After the data release, Fed rate cut probabilities increased with traders expecting 36 basis points of rate cuts toward the end of the year.
免責事項：本記事で述べられている見解は著者の見解のみであり、Followmeの公式見解を反映するものではありません。Followmeは、提供された情報の正確性、完全性、信頼性について一切責任を負いません。また、書面で明示的に記載されている場合を除き、本記事の内容に基づいて行われたいかなる行動についても責任を負いません。
この記事が気に入ったら、著者にチップを送って感謝の気持ちを表しましょう。
