2024-03-04 15:43:43
Gold futures prices surged past the $2,100 level, supported by expectations that The US Federal Reserve (Fed) will cut interest rates in June.
At 10:29 p.m. Thai time, gold contracts on the COMEX (Commodity Exchange) market will be delivered in April. added $13.20 or 0.63% to $2,108.90/ounce.
Gold prices also received positive factors from the weakening of the dollar. This increases the attractiveness of gold. This makes gold contracts cheaper for holders of other currencies.
In addition, investors are relieved of concerns regarding inflation. After the United States released the Personal Consumption Expenditure (PCE) price index that was in line with analysts’ expectations.
Investors will be keeping an eye on Fed Chairman Jerome Powell’s statement this week.
Mr. Powell will deliver his semi-annual statement on US monetary policy and economic conditions to Congress. He is scheduled to deliver a statement to the House of Representatives Financial Services Committee on March 6, before addressing the Senate Banking Committee on March 7.
The market is keeping an eye on Mr. Powell’s statement. This will take place before the Fed’s monetary policy meeting on March 19-20 to find signals indicating the Fed’s interest rate direction.
The US Department of Labor will release February non-agricultural employment figures on Friday.
Analysts predict that Employment figures increased by just 190,000 jobs in February. This slowed from the level of 353,000 jobs in January. And it is expected that the unemployment rate will remain stable at 3.7% in February.
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