Global gold prices were stable this morning, with the spot gold price rising $0.9 to $1,916.3 an ounce. Gold futures are trading at $1,948.1 an ounce in December, down $1 from the early hours of yesterday.
The gold market was quiet and did little to react to the better-than-expected employment data released on the evening of August 24. The latest Labor Department report continues to show the resilience of the U.S. job market, with weekly jobless claims falling from 10,000 to 230,000, below this week's revised forecast. Previously, there were 240,000 applications. The latest employment figures beat expectations. Economists expect initial unemployment claims to stabilize at about 239,000, according to consensus forecasts.
Now, the market is waiting for statements from Federal Reserve Chairman Jerome Powell and European Central Bank (ECB) President Christine Lagarde at the annual Jackson Hole Symposium today. . The talk is expected to provide insight into the future direction of central bank monetary policy. The ECB is expected to end its tightening cycle at its September meeting, but US interest rates are likely to remain high for an extended period of time due to significant inflationary pressures.
Commodity analysts at BCA Research recently released a report on the short-term outlook for the gold price, suggesting that the U.S. debt crisis will trigger a long-term rally in the gold market, with gold prices returning to $2,000 an ounce by next year. Stated. The end of the year can be depressing.
The gold market was quiet and did little to react to the better-than-expected employment data released on the evening of August 24. The latest Labor Department report continues to show the resilience of the U.S. job market, with weekly jobless claims falling from 10,000 to 230,000, below this week's revised forecast. Previously, there were 240,000 applications. The latest employment figures beat expectations. Economists expect initial unemployment claims to stabilize at about 239,000, according to consensus forecasts.
Now, the market is waiting for statements from Federal Reserve Chairman Jerome Powell and European Central Bank (ECB) President Christine Lagarde at the annual Jackson Hole Symposium today. . The talk is expected to provide insight into the future direction of central bank monetary policy. The ECB is expected to end its tightening cycle at its September meeting, but US interest rates are likely to remain high for an extended period of time due to significant inflationary pressures.
Commodity analysts at BCA Research recently released a report on the short-term outlook for the gold price, suggesting that the U.S. debt crisis will trigger a long-term rally in the gold market, with gold prices returning to $2,000 an ounce by next year. Stated. The end of the year can be depressing.
