GOLD gains 0.9% supported by weaker US ADP report and dropping yieldsð
GOLD gains 0.9% supported by weaker US ADP report and dropping yieldsð
19:19 5 āļāļąāļāļĒāļēāļĒāļ 2024
GOLD gains today more than 1%, after weaker than expected yesterday JOLTS data, supported by also weak ADP report which showed 99k vs 145k exp. and 122k previously. Also today, US Challenger Report came in significantly higher, rising above 70k lay-off vs 25k in July. Fed Beige Book signalling flat and weakening demand across the US economy. As data and market reaction show, gold may be a preferred short-term hedge against weakening US dollar and equity risk-aversion sentiments. Also silver gains 1.7% today, as the 10-year US treasuries yields dropped below 3.75% today.
Source: xStation5
