2023-05-05 15:51:51
The price of gold rose over the week, approaching an all-time high on Thursday following the Fed meeting, but slumped on Friday with the US jobs report.
The gold market remains riveted on the monetary policy decisions of the US Federal Reserve.
When investors believe that the latter will raise its rates, they prefer government bonds and the dollar to gold, another safe haven.
At the end of the central bank meeting on Wednesday, gold was propelled by the cautious message of the institution, which does not exclude stopping to raise its rates to avoid weighing down the American economy.
The ounce of gold peaked the next day at 2,062.99 dollars, a few dollars from its historic high of 2,075.47 dollars reached in the midst of the Covid-19 pandemic in August 2020.
But on Friday, U.S. jobs numbers pointed to a robust labor market, which might stoke inflation and push the Fed for more stance.
The price of an ounce of gold suffered, and it only cost 2,009.37 dollars around 3:00 p.m. GMT (5:00 p.m. Brussels time), once morest 1,990 dollars seven days earlier at the end of the session.
Cocoa prices fell slightly over the week, results of investor positions.
However, cocoa prices are still very high, close to their highest levels since October 2016 in London and August 2016 in New York.
The market remains tight, with the International Cocoa Organization (ICCO) predicting that the market will show a deficit of 60,000 tonnes for the current harvest.
In London, a ton of cocoa for delivery in July was worth 2,220 pounds sterling, once morest 2,213 pounds sterling last Friday. In New York, the ton was worth at the same time 2,928 dollars, once morest 2,937 dollars last Friday.
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