Gold News – 05.Sep.2024

Gold News

Gold Price: Gold held near $2,500 per ounce as investors await the US jobs report for insights on potential Federal Reserve interest rate cuts.

JOLTS Data: Wednesday’s JOLTS report showed a significant drop in job openings to 2021 lows, suggesting a slowing labor market.

Interest Rate Expectations: The weaker labor market data has fueled speculation of a substantial 50 basis points rate cut by the Fed this month.

Economic Concerns: The ISM PMI report also indicated a sharp drop in US factory activity, raising concerns about the US economy’s ability to withstand higher interest rates.

Rate Cut Projections: Investors now expect 125 basis points in rate cuts over the Fed’s remaining three meetings this year, up from last week’s expectation of 100 basis points.

Upcoming Data: The key US jobs data is scheduled to be released on Friday.

Author : Arman Shaban
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