Gold’s $100 two-day decline challenges the metal’s reputation as a safe haven in the face of growing dollar appeal. The US Dollar Index rises 0.29% to 103.93, indicating a change in the way the market views the dollar. Following an unexpectedly high ISM Non-Manufacturing PMI of 52.7, the US economy continues to be robust. Record-low job openings according to the JOLTs report indicate that the labour market is improving.
After hitting an all-time high (ATH) above $2,100, the price of gold continued to decline for a second day in a row, plunging more than $100.00 in just two days of trading. Traders are moving to the Greenback, despite the fact that a risk-off impulse is the main force behind this and typically increases appetite for the yellow metal. As a result, gold is currently trading at $2018.54, down 0.50% from its peak.
The US Dollar Index indicates that market sentiment is still negative and that flows are moving towards the dollar (DXY). The currency’s performance against six competitors is tracked by the DXY, which saw gains of 0.29% at 103.93. Conversely, the yields on US Treasury bonds are declining without any underlying cause, even though they reversed part of their Monday gains.
Data-wise, the Department of Labor’s October US JOLTs report showed that job openings reached their lowest point in over 2.5 years. JOLTs were 8.733M, less than September’s 9.35M and the 9.3M predicted. Although Atlanta GDP Now indicates that the economy grew by less than 2% in the fourth quarter, other data indicates that the economy is still strong.
More jobs data will be released ahead of the week as traders search for more information that could clarify Gold’s trajectory. The Initial Jobless Claims report is scheduled for Thursday, after the ADP Employment Change on Wednesday, and the Nonfarm Payrolls report is scheduled for Friday.
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Gold’s $100 two-day decline challenges the metal’s reputation as a safe haven in the face of growing dollar appeal. The US Dollar Index rises 0.29% to 103.93, indicating a change in the way the market views the dollar. Following an unexpectedly high ISM Non-Manufacturing PMI of 52.7, the US economy continues to be robust. Record-low …<\/p>\n","protected":false},"author":13,"featured_media":70951,"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":[38,6827,49,37,36],"tags":[7604,6885,6874,7087,7822,6858,7393],"class_list":["post-93598","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-forex-markets","category-market-updates","tag-dollar-index","tag-fed","tag-gold","tag-jobs","tag-labour-market","tag-us-economy","tag-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93598","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=93598"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93598\/revisions"}],"predecessor-version":[{"id":93605,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93598\/revisions\/93605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/70951"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=93598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=93598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=93598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}