2024-03-05 00:09:22
New York gold futures rose in trading on Monday (March 4), supported by expectations that The US Federal Reserve (Fed) will cut interest rates in June. combined with technical purchasing power
The COMEX (Commodity Exchange) gold contract will be delivered in April. Increased $30.60 or 1.46% to close at $2,126.30/ounce.
Silver contracts for delivery in May rose 62.70 cents, or 2.68%, to close at $23.991/ounce.
Platinum contract for delivery in April. Rose $16.30 or 1.84% to close at $904.30/ounce.
Palladium contract for delivery in June. Rose $10.90 or 1.13% to close at $973.40/ounce.
Xinhua news agency reported that Gold prices rose to their highest in three months as investors awaited statements from Fed Chairman Jerome Powell 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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