QOMAIN E-mini Gold Futures(AUG4)
- 2348.25
- +30.25+1.31%
E-mini Gold Futures(AUG4) News
Gold market analysis: Gold price fell instead of rising due to an unexpected decrease in U.S. PPI.
Bank of China's Guangdong branch manager Wang Gang stated in May that US producer prices unexpectedly fell. Combined with the weak CPI data released on Wednesday, it indicates that US inflation has eased somewhat after soaring in the first quarter. However, gold this week has not been able to recover under the influence of bullish data and instead has turned downwards, indicating that the pressure to take profits is still heavy. Influenced by the hawkish attitude of the Federal Reserve, the US dollar remained strong on Thursday, and gold also failed to break away from the trend of profit-taking adjustment.
Gold Market Analysis: US CPI continues to cool down, gold prices rise but cool off afterwards.
Wang Gang, Bank of China's Guangdong Branch, stated that on Wednesday, the US inflation rate slowed down, stimulating gold prices to surge nearly $30 to $2,341.51 per ounce. Later, the Fed's dot plot diagram showed that it will only cut interest rates once this year, and Powell did not give any new hints about relaxing policies. The Fed's decision-makers have always maintained an ambiguous or even hawkish attitude towards interest rate cuts, which has somewhat disappointed gold investors. The joyful mood brought about by the originally declining inflation rate has also been greatly discounted.
Gold trading reminder: Will the CPI data make the bulls excited, while Powell's dovishness falls short of expectations, leaving opportunities for bears? Institutions summarize their comments.
On Wednesday, the rise in gold prices was blocked. In the morning, due to the May CPI data showing a slowdown in US inflation, gold prices surged nearly $30 to $2,341.51 per ounce. However, the Fed kept interest rates unchanged in a decision, suggesting that there will only be one rate cut this year. Fed Chairman Powell's speech was also less dovish than expected, and gold prices gave back most of their gains, closing at $2,324.71 per ounce, up about 0.35%.
Gold Price Stays Firm as Fed Holds Rates and Tilts Hawkish
Gold trades at $2,318, up 0.13%, supported by lower-than-expected US inflation and falling Treasury yields. as Fed holds rates steady.
World Gold Council: Global central bank gold purchases rebounded in April, with healthy demand.
As of 2024, global central bank demand for gold remains healthy.
Gold Market Analysis: The Federal Reserve's interest rate meeting is imminent and the price of gold is temporarily stable at $2,300.
Bank of China's Wang Gang said that investors are cautious about the Fed's meeting. If Fed policymakers seem to take a hawkish stance and overturn market expectations for a rate cut in November, this could support the dollar and suppress metal prices, and vice versa. If the dot plot is raised and the expected number of rate cuts in the near future is reduced, it could support the dollar and put pressure on metal prices, and vice versa. Another obstacle that gold faces may be the adjustment pressure of the US CPI in May, which is still difficult to relieve.
Gold Market Analysis: USA's non-farm data exceeded expectations, causing the gold price to plummet by 100 USD.
Bank of China's Guangdong Branch Wang Gang said that last Friday, gold suffered a severe downward trend due to the impact of strong US employment reports and the suspension of bidding by China. The unexpectedly high non-farm payrolls caused a big reversal in the market, the US dollar skyrocketed, and gold collapsed in a dramatic drop of $100. The China Central Bank's decision to stop buying gold further fueled the market's bearish sentiment. Gold investors are expected to stay on the sidelines before the eagerly anticipated May inflation data and the Federal Reserve's monetary policy meeting, and gold is temporarily in a weaker pattern.
World Gold Council: Gold reserves are becoming increasingly difficult to find, and miners are working hard to maintain production growth.
The World Gold Council stated that it is becoming increasingly difficult to find new gold mines around the world as many promising areas have already been explored.
Gold trading reminder: After a sharp drop, gold prices rebounded slightly. Pay attention to expectations of US inflation data and resistance near 2315.
After experiencing the largest single-day drop in three and a half years on the previous trading day, the price of gold rebounded on Monday, closing near $2310.71 per ounce as investors waited for US inflation data and the Federal Reserve's interest rate decision later this week. In addition, attention needs to be paid to the resistance level near $2314.64, which provided support for the price of gold several times before Friday’s drop and now has become a strong resistance level. Before breaking through this level, there is still a risk of further downside for the price of gold in the future.
Gold market analysis: ECB rate cut ignites hope for Fed's follow-up, gold prices continue to rise to a two-week high.
Bank of China's Guangdong branch's Wang Gang said that many of this week's economic data from the United States were lower than expected and performed poorly. At the same time, consecutive interest rate cuts by the Bank of Canada and the European Central Bank ignited hopes for the Federal Reserve to follow suit. Next, the market's focus will shift to the May non-farm payroll data in the United States. If the non-farm payroll data also performs weakly, it may put pressure on the US dollar, further increase the market's expectation of the Federal Reserve's interest rate cut, greatly loosen the restraint on gold prices, and give gold a chance to continue to rise.
Gold market analysis: weak employment data + Fed interest rate cuts. Gold prices rose 1.2% to recover from Tuesday's decline.
Bank of China's Guangdong Branch's Wang Gang said that the US ADP employment report was weaker than expected on Wednesday. The Bank of Canada's interest rate cut sparked investors' speculation, and major developed economies, especially the central banks of Europe, the US and the UK, will soon join the rate-cutting camp, indicating the coming of an interest rate-cutting cycle. The strength of US non-farm payroll data on Friday may make it clear whether the Fed will cut interest rates later this year. The demand for gold from central banks around the world is still strong. Potential favorable factors for gold seem to be increasing.
Gold trading reminder: The global central bank's "interest rate cut trend" is surging, and the price of gold seems to be "taking off" again.
Gold price rose more than 1% on Wednesday, closing at $2354.99 per ounce. This came after the released private employment data in the United States was weaker than expected, enhancing the expectation that the Federal Reserve will cut interest rates later this year, and the yield of US Treasury bonds has dropped. In addition, the Bank of Canada lowered interest rates by 25 basis points on Wednesday, and market expects that the European Central Bank will also cut interest rates on Thursday. Global central banks seem to be welcoming a wave of interest rate cuts, and holding gold can help lower the cost and may lead to a new round of rising prices.
Economic data boosted expectations of Fed rate cuts, causing US bonds to fall and gold to rise.
According to the Zhixin Finance APP, on Wednesday, the May ADP report in the USA showed weaker-than-expected private sector employment data, fueling hopes for a rate cut in September by the Federal Reserve, leading to a drop in US Treasury yields and rebound in gold futures.
Gold market analysis: Crude oil and other commodity markets plummet, affecting gold prices.
Wang Gang, from the Bank of China's Guangdong branch, said that gold, which had rebounded on Monday, fell sharply due to the stability of the dollar prior to the release of U.S. employment data later this week. Gold bulls were forced to take profit on Monday's gains before the release of non-farm payroll data, which pushed gold back to its two-week low awaiting the unveiling of the employment data. The downward pressure on commodities also infected gold, making the profit-taking of longs and short-term futures traders the characteristic of Tuesday's gold trend.
Gold Rangebound as Traders Seek More US Data for Fed Cues
In May, the release of more than 200,000 non-farm jobs in the USA is bullish for the US dollar and bearish for gold!
At 20:30 on June 7th Beijing time, the US will release non-farm payroll data for May. Market analyst Yohay Elam wrote that non-farm payrolls in May could increase by 180,000. A number over 200,000 is good news for the economy and the US dollar, but bad news for the US stock market and gold. A number below 150,000 will have the opposite effect.
Gold trade reminder: with the stabilization of the US dollar and the cooling down of safe-haven buying, the gold price dropped to 2320, and the focus shifted to US employment data.
The price of gold fell more than 1% on Tuesday, as the US dollar stabilized ahead of the release of US employment data later this week, which could set the tone for the Federal Reserve's interest rate strategy. In addition, the possibility of a ceasefire agreement in the Middle East has increased, which also suppresses the safe-haven demand for gold.
Gold Market Analysis: Weak Economic Data Pushes Down the US Dollar, and Gold Rises by 1%.
Wang Gang, Bank of China Guangdong Branch, said that US economic data pushed the USD index to a three-week low, and indicator US bond yields also fell to a two-week low after weak manufacturing data. Data on Friday showed that US inflation in April tended to stabilize, indicating that the Fed's interest rate cut plan later this year is expected to remain unchanged. The expectation that the European and American central banks will start cutting interest rates this year may once again stimulate the bullish sentiment of gold investors. Investors are still patiently waiting for Wednesday's ADP employment report and Friday's US non-farm employment data.
Gold market analysis: US PCE is basically in line with expectations, gold closes down and momentum weakens
Wang Gang of the Guangdong branch of the Bank of China said that US inflation in April showed a horizontal trend and consumer spending was weak. This sent mixed signals to the Federal Reserve and was of little help in clarifying whether the Fed can start cutting interest rates in September. The financial market initially anticipated that the first rate cut would be postponed until September, and this week it will also welcome US non-farm payrolls data.
Gold trading reminder: Super Week is here! Will the two major central banks cut interest rates, the non-agricultural finale, or re-aid prices resume their upward trend?
Despite the setback in gold and silver prices this week, there is good reason to believe that with long-awaited interest rate cuts and the risk of falling US employment, these two precious metals may have a smooth flow in the coming week.