World gold price this morning was stable with gold trading at 1,915.8 USD/ounce.
Recently, the gold market continues to face difficulties when the Fed maintains a "modest" monetary policy. U.S. Treasury yields hit the gold market as prices fell below key support around $1,950 an ounce and recently hit a two-month low. However, precious metals have made up some of the loss.
The gold market was calm and did not react much to better-than-expected US labor market data the newly released architecture. The number of weekly jobless claims in the country fell from 10,000 to 230,000, down from last week's revised estimate of 240,000. According to the consensus forecast, economists expect jobless claims to stay steady at around 239,000.
Talking about the direction of gold in the near term, BCA Research commodity analysts emphasized, gold remains an attractive hedge against the inevitable devaluation of the USD when the debt-to-GDP ratio of the US up up.
Recently, the gold market continues to face difficulties when the Fed maintains a "modest" monetary policy. U.S. Treasury yields hit the gold market as prices fell below key support around $1,950 an ounce and recently hit a two-month low. However, precious metals have made up some of the loss.
The gold market was calm and did not react much to better-than-expected US labor market data the newly released architecture. The number of weekly jobless claims in the country fell from 10,000 to 230,000, down from last week's revised estimate of 240,000. According to the consensus forecast, economists expect jobless claims to stay steady at around 239,000.
Talking about the direction of gold in the near term, BCA Research commodity analysts emphasized, gold remains an attractive hedge against the inevitable devaluation of the USD when the debt-to-GDP ratio of the US up up.
✅ TP1: 1920
✅ TP2: 1925
⚠️ SL: 1904