*GOLD JUMPS TO HIGHEST SINCE JUNE AS U.S. EMPLOYMENT REPORT SPARKS BETS ON SMALLER FED RATE HIKES - $GC_F
Investing.com -- The gold bull is back on track, with the yellow metal scaling near seven-month highs again Friday, as moderating U.S. jobs growth signaled more slowing of rate hikes by the Federal Reserve.grew by 223,000 last month, some 40,000 below November’s level and by the smallest number since the 199,000 positions added in December 2021, the Labor Department reported.
Last month’s payroll growth was still well above the 200,000 forecast by economists, proving the tough job the Fed has in cooling a runaway jobs market that was feeding inflation.the central bank doing a rate hike as small as 25 basis points at its next policy decision in February, after a 50-basis point hike in December and four back-to-back hikes of 75 basis points between June and November.contract on New York’s Comex settled at $1,869.70 per ounce, up $29.10, or 1.6%, on the day.
With this week’s ascent, spot gold seems on a stronger footing towards $1,900, said Sunil Kumar Dixit, chief technical strategist at SKCharting.com. “Sustainability above the immediate support of $1,850 will add strength for the next leg higher of $1,878, above which $1,896 is a high probability target,” said Dixit.
The nonfarm payrolls report “supported the idea the Fed is almost done with raising rates,” Ed Moya, analyst at online trading platform OANDA, said.index in December also “confirms that [the] U.S. economy is showing further signs of weakening as the service sector shrinks, which should support the case for holding gold,” added Moya.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hawkish Fed rhetoric fails to lift dollar; Aussie jumpsThe dollar struggled to advance on Thursday even though Federal Reserve policymakers reiterated their commitment last month to fighting inflation, while the Aussie rallied after China eased its restrictions on imports of Australian coal.
Read more »
Fed's George: Fed will hold rates up into 2024Kansas City Fed President Esther George told CNBC on Thursday that it will be key for the Fed to hold rates up once hikes end, as reported by Reuters.
Read more »
Oil down 5% as world growth, China worries fuel selloff By Investing.com*OIL SINKS 5% AS GLOBAL GROWTH, CHINA WORRIES FUEL SELLOFF - $CL_F
Read more »
The best women's tights worth investing in, from pure luxe pairs to total bargainsIncluding a hero pair that'll help sooth and shape a bloated tummy!
Read more »