Gold bounces back after higher-than-expected weekly claims

Gold yesterday settled up by 0.65% at 59891 after higher-than-anticipated weekly claims reduced expectations of an imminent interest rate hike by the Federal Reserve. Momentum in the U.S. labour market continues to slow, with the number of American workers applying for first-time unemployment benefits pushing back to its highest level since Oct. 2021. The U.S. Labor Department said that weekly jobless claims rose by 28,000 to 242,000, up from the previous week's revised estimate of 233,000 claims.

In a report, the WGC said that 19 tonnes of gold, valued at $1.7 billion, flowed into global gold-backed exchange-traded products in May. This is the third consecutive month that investment demand for gold has increased

China increased its gold reserves for a seventh straight month, signalling ongoing strong demand for the precious metal from the world’s central banks

𝖷𝖠𝖴𝖴𝖲𝖣 BUY 1958 - 1961 💯💯

✅𝖳𝖯1 1965
✅𝖳𝖯2 1970
✅TP3 1975

🛑𝖲𝖫 1952