Gold prices pull back ahead of key US jobs data: What’s next? [Video]
|Gold prices pulled back on Wednesday as trader’s book profits ahead of Friday’s key U.S jobs data.
Looking ahead to this week, the major market-moving event that traders will be closely watching for clues on the precious metals' next big move is Friday’s U.S Employment Report. This is not only the most highly anticipated economic report of every month, but it’s also a key measure of economic performance and inflation tracked by the Fed.
There will be a huge focus on Friday’s data, especially as the recent uptick in inflation could cause the Fed to raise rates sooner than expected.
The latest was the PCE Price Index, which climbed 3.4% year-over-year in May. That’s its biggest annual rise since the early 1990s – raising fears that the cost of living is continuing to surge at an alarming pace, while the labor market remains unexpectedly sluggish.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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