The Gold Index climbed 0.86% in the trading, spurred on by a softer US Dollar and retreating US bond yields. Despite the Fed\u2019s rate hike pause, US Treasury yields are retreating, signaling broad market skepticism over monetary tightening.<\/p>\n\n\n\n
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US Retail Sales see an unexpected rise in May, bucking predictions, but the labor market shows signs of easing amid higher jobless claims.<\/p>\n\n\n\n
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Gold price bounced off three-month lows of $1925.06, spurred on by a soft US Dollar (USD) and falling US bond yields as the main factors underpinning Gold. At the time of writing, the XAU\/USD is trading at $1958.50 a troy ounce, up 0.86%.<\/p>\n\n\n\n
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Market sentiment is generally positive, even though the Fed\u2019s announced additional hikes needed after holding rates unchanged. Even though the Fed\u2019s decision weakened gold prices, market participants remain skeptical about the Fed, as US Treasury bond yields retraced from Wednesday\u2019s highs.<\/p>\n\n\n\n
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The US economic agenda revealed that Retail Sales surprisingly rose in May by 0.3% MoM surpassing estimates but trailing April\u2019s figures. At the same time, the US Department of Labor released the Initial Jobless Claims for the last week, topping forecasts of 249K, it came at 262K, printing back-to-back negative jobs data, indicating the labor market is easing.<\/p>\n\n\n\n
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Industrial Production showed a further deterioration, contracting -0.2% MoM, missing estimates of 0.1% expansion. Recently, the New York and Philadelphia Fed Manufacturing Indices came mixed, with the NY rebounding unexpectedly after May\u2019s plunge, while the Philly further deteriorated but at a slower pace.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Gold Index climbed 0.86% in the trading, spurred on by a softer US Dollar and retreating US bond yields. Despite the Fed\u2019s rate hike pause, US Treasury yields are retreating, signaling broad market skepticism over monetary tightening. US Retail Sales see an unexpected rise in May, bucking predictions, but the labor market shows signs …<\/p>\n","protected":false},"author":13,"featured_media":71340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6885,7603,6984],"class_list":["post-85437","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-gold-prices","tag-treasury-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/85437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=85437"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/85437\/revisions"}],"predecessor-version":[{"id":85445,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/85437\/revisions\/85445"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/71340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=85437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=85437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=85437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}