- Gold price trades back and forth as investors await US official Employment data.
- Taking cues from the US ADP Employment report, job creation is foreseen to slow.
- Fed’s Daly sees no more rate hikes if the labor market slows and inflation remains close to 4%.
Gold price (XAU/USD) delivers V-shape recovery despite the United States Nonfarm Payrolls (NFP) report for September has reported that the number of job-seekers hired were significantly higher than expectations. Fresh payrolls were 336K while investors forecasted that US employers added 170K employees and 187K jobs were created in August. Weak Employment numbers from Automatic Data Processing (ADP) also elevated expectations of a decline in labor demand. The Unemployment Rate remained steady at 3.8% but a tick higher than expectations of 3.7%.
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