Gold rebounded to $2,040 following a decline in US unemployment claims, with focus shifting to key economic data next week.
Over the past week, gold prices fell to $2,020 following PMI data and US unemployment claims on Thursday but then recovered to $2,040 heading into the weekend. In the context that Fed officials are not yet ready to cut interest rates and the S&P 500 has increased recently, precious metals are not expected to break out at present. Gold is currently trading at $2,033.
Next week, the market will receive many important economic data including the consumer confidence report, US GDP data and the core PCE index - the Fed's preferred inflation measure.
Over the past week, gold prices fell to $2,020 following PMI data and US unemployment claims on Thursday but then recovered to $2,040 heading into the weekend. In the context that Fed officials are not yet ready to cut interest rates and the S&P 500 has increased recently, precious metals are not expected to break out at present. Gold is currently trading at $2,033.
Next week, the market will receive many important economic data including the consumer confidence report, US GDP data and the core PCE index - the Fed's preferred inflation measure.
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