© Archyde.com What is the ANZ Group’s expectations for gold prices following the US employment data?
Arabictrader.com – ANZ economists expected it to be greatly affected by the US economic data, as the positive US labor market data released at the end of last week reinforced the markets’ optimism regarding the US Federal Reserve’s continued tightening of monetary policy, which in turn had a negative impact on the .
The experts of the Australian New Zealand Banking Group continued that the business data was very strong and that despite the sharp rises in US interest rates, the recent data provided more room for the Federal Reserve to remain hawkish and delay any interest rate cut until inflation returns to its target.
Economists at the ANZ Group indicated that the continued monetary tightening in the United States will be a headwind for the price of gold during the coming period, which comes in conjunction with profit-taking operations in light of the recent gold rises, despite the continued strong demand for gold in China with the reopening of the economy. And the continuation of global central banks in buying gold at a strong pace, with the escalation of geopolitical risks.
It should be noted that gold prices recorded strong weekly losses last week, by regarding 1.66%, due to the positivity of the US labor market data, which was very positive, and reinforced concerns regarding the continuation of the Federal Reserve during its upcoming meetings.
