Gold price recovers despite robust US Nonfarm Payrolls report
US Nonfarm Payrolls report beats expectations in September
- The report shows that the US economy added 336K jobs, more than double the forecast of 170K
- The unemployment rate stayed at 3.8%, slightly higher than the expected 3.7%
- The report reflects the resilience of the US labor market amid the pandemic and supply chain disruptions
Average hourly earnings growth slows down in September
- The report shows that the average hourly earnings increased by 0.2% month-on-month, matching the previous month but lower than the expected 0.3%
- The annual wage growth eased to 4.2%, down from 4.3% in August and below the forecast of 4.3%
- The report suggests that the wage pressure is moderating despite the tight labor market conditions
Fed likely to maintain hawkish stance in November meeting
- The report sets a hawkish tone for the Fed's upcoming monetary policy decision in November
- The Fed is expected to announce the tapering of its asset purchases and signal one more interest rate hike in 2023
- The report supports the Fed's view that inflation is transitory and that the economy is on track to achieve its dual mandate of maximum employment and price stability
US Treasuries sell-off and dollar strength weigh on gold price
- The report triggers a sell-off in the US Treasuries, pushing up the yields and making gold less attractive as a safe-haven asset
- The report also boosts the dollar index, which measures the greenback's strength against a basket of major currencies, and puts downward pressure on gold price
- The report reduces the demand for gold as a hedge against inflation and currency devaluation
Gold price delivers V-shape recovery despite headwinds
- Gold price (XAU/USD) drops to a low of $1,740 per ounce after the release of the report, but quickly rebounds to $1,760 per ounce
- Gold price finds support from some bargain hunting, technical buying, and geopolitical tensions
- Gold price remains in a consolidation phase, trading within a range of $1,730-$1,780 per ounce
US Nonfarm Payrolls report beats expectations in September
- The report shows that the US economy added 336K jobs, more than double the forecast of 170K
- The unemployment rate stayed at 3.8%, slightly higher than the expected 3.7%
- The report reflects the resilience of the US labor market amid the pandemic and supply chain disruptions
Average hourly earnings growth slows down in September
- The report shows that the average hourly earnings increased by 0.2% month-on-month, matching the previous month but lower than the expected 0.3%
- The annual wage growth eased to 4.2%, down from 4.3% in August and below the forecast of 4.3%
- The report suggests that the wage pressure is moderating despite the tight labor market conditions
Fed likely to maintain hawkish stance in November meeting
- The report sets a hawkish tone for the Fed's upcoming monetary policy decision in November
- The Fed is expected to announce the tapering of its asset purchases and signal one more interest rate hike in 2023
- The report supports the Fed's view that inflation is transitory and that the economy is on track to achieve its dual mandate of maximum employment and price stability
US Treasuries sell-off and dollar strength weigh on gold price
- The report triggers a sell-off in the US Treasuries, pushing up the yields and making gold less attractive as a safe-haven asset
- The report also boosts the dollar index, which measures the greenback's strength against a basket of major currencies, and puts downward pressure on gold price
- The report reduces the demand for gold as a hedge against inflation and currency devaluation
Gold price delivers V-shape recovery despite headwinds
- Gold price (XAU/USD) drops to a low of $1,740 per ounce after the release of the report, but quickly rebounds to $1,760 per ounce
- Gold price finds support from some bargain hunting, technical buying, and geopolitical tensions
- Gold price remains in a consolidation phase, trading within a range of $1,730-$1,780 per ounce
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