2024-05-03 00:18:22
Gold futures in New York closed negative on Thursday (May 2), with the market pressured by concerns thatFederal Reserve Bank (fed) will freezeinterest rateat a long-time high Meanwhile, investors are keeping an eye on today’s release of U.S. nonfarm payrolls numbers.
The COMEX (Commodity Exchange) gold contract will be delivered in June. fell $1.40 or 0.06% to close at $2,309.60/ounce.
Silver contract for July delivery Increased 8.1 cents, or 0.30%, to close at $26.829/ounce.
Platinum contract for delivery in July. Increased $7.70 or +0.81% to close at $962.60/ounce.
Palladium contract for delivery in June. fell $9.50, or 1.00%, to close at $939.10/oz.
The Fed’s Monetary Policy Committee (FOMC) voted to keep short-term interest rates between 5.25 and 5.50 percent following its meeting on Wednesday, May 1, the highest level in more than 23 years . Fed officials have highlighted concerns regarding the data released since the data was released. The start of 2024 does not give the Fed any more confidence in the return of American inflation to its 2% target.
Mr. Jerome Powell, Chairman of the Fed, said following the meeting that “Since the beginning of 2024, there is no data that gives us more confidence. This led the Fed to decide to keep interest rates high until the inflationary situation changed. I think the Fed will be more confident that inflation will slow until it reaches this target. This may take longer than expected. And we are prepared to maintain interest rates at current levels for as long as we deem appropriate.
Powell, however, said the Fed was unlikely to raise interest rates at its next meeting, scheduled for June 11-12.
Investors are watching today for the release of April non-farm payrolls figures in the United States. While analysts predict that U.S. nonfarm payrolls will only increase by 243,000 jobs in April. This slowed following 303,000 jobs were created in March. And the unemployment rate is expected to remain stable at 3.8% in April.
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