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FollowingCore Points
Federal Reserve Officials 'Comments and Policy Expectations
Precious Metals Outlook
Gold prices are under pressure due to strong employment data, and the market reassesses the probability of the Federal Reserve raising interest rates in September
After the August employment data was released, precious metals prices fell by about 2%. Data showed that 162,000 new positions were created, far exceeding the expected 53,000. The unemployment rate remained unchanged at 4.1%, indicating the continued strength of the labor market. Federal Reserve Governor Christopher Waller said he may support maintaining current interest rates if inflation trends remain favorable. Current trading activity reflects a probability of a September interest rate hike at about 50%, a significant drop from the nearly 70% probability earlier this week. Technical resistance for gold appears near the 200-day moving average at around $4,526.
Gold experienced significant downward pressure on Friday with the release of surprisingly strong U.S. jobs data, raising new questions about future policy decisions at the Federal Reserve's September meeting.
August employment data showed that the U.S. economy added 162,000 jobs. Market forecasters had expected only an increase of about 53,000. Unemployment remained stable at 4.1%. The numbers represent a major turning point from July's data, when data showed 23,000 fewer jobs.
Sudden: The U.S. economy added 162,000 jobs in August, well above the expected 55,000.
The unemployment rate was 4.1%, in line with expectations of 4.1%.
Employment figures also rose by 43,000 in July and are now positive this month.
The U.S. job market is almost...
Spot gold valuation fell approximately 2% to close at US$4,391.61 per ounce. Futures contracts fell 0.6% to $4,514.19. Silver fell 1.5% and platinum fell 0.6%.
Affected by the employment announcement, the US dollar index rose 0.2% to 99.03. A stronger U.S. dollar typically puts pressure on gold valuations because foreign currency holders face higher costs when purchasing the precious metal.
Central Bank Comments and Policy Expectations
Federal Reserve Governor Christopher Waller said on Thursday that he is willing to advocate maintaining current policy settings at the upcoming September 15-16 meeting, provided that upcoming inflation indicators confirm a continued slowdown in price growth.
Waller did not completely rule out the possibility of tightening policy. He stressed that August inflation statistics will have a significant impact on his stance and admitted that if prices accelerate again, it could change his preference for interest rate adjustments.
Financial markets responded quickly. According to CME FedWatch tool data, the probability of a rate hike in September dropped to about 50%, down from the probability of about 70% observed earlier this week.
The probability of a Federal Reserve raising interest rates in September rose slightly to 52%, due to a better-than-expected employment report.
The probability of the Federal Reserve raising interest rates in September rose slightly to 52%, due to a better than expected employment report.
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