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Pressure on ‘aggressive Fed’: Started the week flat

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After the US non-farm payroll data came in above expectations and the Fed’s views that it would continue its aggressive interest rate hikes, gold made a flat start to the new week after the decline it experienced on Friday.

Starting the week at the level of $1,850, the first processes in gold took place around this level.

According to the news in Bloomberg HT; Although spot gold fell by 10 percent compared to the peak it saw three months ago when Russia started its invasion of Ukraine, it maintains its reinforcement at the level of $1,850.

THE DATA DRAW A POSITIVE TABLE

While price increases in the USA remained stable, employment continued to increase at a strong pace in May. This is priced in as a valuable sign that the economy continues to strengthen as the Fed raises sharply to offset inflation.

According to the data announced by the Ministry of Labor on Friday, non-farm employment data, which increased by 436 thousand in April, increased by 390 thousand in May. While the unemployment rate remained at 3.62 percent, the labor force participation rate increased.

In China, the world’s largest consumer of jewelery gold, positive signs against dealing with Covid-19 continue to increase. In the country, where the virus was declared under control last month, the Beijing administration is preparing to continue to ease the virus restrictions.

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