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The gold market is seeing some solid bullish momentum in initial reaction to the latest employment data, even as prices have fallen from session highs as the report dropped. April gold futures last traded at $2,183.60 an ounce, up 0.86% on the day. Meanwhile, while February’s employment gains beat expectations, the report noted sharp revisions to January and December data. The report said that January’s employment numbers were revised down to 229,000, compared to the initial estimate of 353,000. At the same time, December’s employment numbers were revised down to 290,000, down from the previous estimate of 330,000.
“Its a report that is not too bad for the Fed bc inflation/wages is more important to them than NFP headline. It keeps the Fed on track for a June cut and allows the bulltrend in Gold & US Bonds to remain in tack,” she said.
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