Investing.c.om – Silver is rising a day before the release of US jobs data that is expected to directly influence expectations of the Fed’s June decision.
Despite the end of the US debt ceiling crisis, it is still rising and the most important thing that drives it is the US economy and the intentions of the Federal Reserve.
Gold contracts now rise by 0.66% to $1994.95, while spot gold contracts rise by 0.76% to $1977.32.
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Federal Member Comments
Fed member Harker said that not raising rates in June is the best and wisest solution.
Harker added that retail sales data revealed a change in people’s purchasing habits and a decline.
He called on Harker to stop raising interest at this meeting and watch the repercussions.
On employment data, Harker said that if we see an unexpectedly large deterioration in the labor market, I would be concerned.
Harker ruled out the possibility of an economic recession this year, adding that the chances of a reduction in interest rates are few, and that there is no need for them unless the economy experiences a violent decline in inflation levels, which is unlikely.
These comments accompanied a rise of more than a full point in gold and gold also rose strongly.
The Wall Street Journal reported today that the Fed is likely to pause in its rate-hiking cycle at the June FOMC meeting, before raising rates again later this summer. This is a shift from the recent market belief that the Federal Reserve will raise interest rates again at the June FOMC meeting. However, Friday’s “sizzling jobs report” will throw cold water on the Fed’s pause, according to the Journal report.
Very heavy US economic data came out today and the ADP National Employment Report for May was hot, showing a gain of 278,000 jobs – well above market expectations. Traders now look ahead to the Labor Department’s Employment Situation for May on Friday morning. The main nonfarm payrolls number is expected at 190,000 compared to the April nonfarm payrolls number of 253,000.
Technical analysis of spot gold contracts (spot)
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