Gold price retreats on Thursday following the release of mixed data from the United States (US) and as traders brace for the Jackson Hole Symposium, waiting for the Federal Reserve's (Fed) Chair Jerome Powell speech on Friday. The XAU/USD trades at $3,339, down 0.30%.
The yellow metal choppy's price action seems to continue until Powell hits the stand. Solid economic data revealed by S&P Global showed that business activity is expanding solidly. The agency noted, "The data are consistent with the economy expanding at a 2.5% annualized rate, up from the average 1.3% expansion seen over the first two quarters of the year."
Jobs data revealed by the US Department of Labor (DoL) showed that jobless claims for the week ending August 16 surprisingly jumped above estimates and the previous week's print. Continuing Claims, which reflect unemployed people re-applying for unemployment benefits, reached its highest level since November 2021.
Fed officials began to cross the wires. Cleveland's Fed Beth Hammack made some hawkish comments, as she favors maintaining "modestly restrictive policy to lower inflation."
Kansas City Fed Jeffrey Schmid commented that the risks of inflation are higher relative to the jobs situation, and Atlanta Fed Raphael Bostic reiterated that inflation remains above target.
Regarding geopolitics, Russia's Foreign Minister Lavrov says Ukraine is showing that it is not interested in a sustainable and long-lasting peace settlement, RIA reports. Meanwhile, Reuters sources revealed that Putin demands that Ukraine cede Donbas, with no NATO and no Western troops.
Source: fxstreet
Gold fell around 0.6% to around $3,325/oz during Thursday's European session, after selling pressure emerged every time the price approached $3,350. The tone of the July FOMC minutes, which emphasized...
Gold prices weakened slightly on Thursday (August 21st) after the minutes of the US Federal Reserve's July meeting showed a majority consensus to keep interest rates on hold, as investors awaited the ...
Lower bond yields and a weaker US dollar in recent weeks have failed to fuel a further rally in gold, said BMI, a unit of Fitch Solutions. "On the other hand, despite easing trade uncertainty and geop...
Gold edges lower in early Asian trade, ahead of the three-day Jackson Hole symposium that begins Thursday. Fed Chair Powell's speech on Friday is expected to be an update on the central bank's moneta...
Gold prices are rising on Wednesday after US President Donald Trump continued to exert pressure on the Federal Reserve (Fed) as he demands Fed Governor Lisa Cook resign due to an investigation of mort...
When President Donald Trump launched his tariff blitz, economists warned of soaring inflation as costs hit consumers. The hit was delayed by corporate countermeasures, but now early signs of tariff-driven price hikes are emerging, and Morgan...
Oil prices rose by nearly a dollar a barrel on Thursday as Russia and Ukraine blamed each other for a stalled peace process, and as earlier U.S. data showed signs of strong demand in the top oil consuming nation. Brent crude futures rose 83 cents,...
The S&P 500 closed 0.4% lower on Thursday, marking its fifth consecutive decline as investors looked ahead to Fed Chair Jerome Powell's speech at Jackson Hole. The Dow Jones slipped 153 points, while the Nasdaq 100 dropped 0.5% amid continued...
The Fed held rates steady at 4.25%–4.50% for a fifth straight meeting, as expected, but two governors dissented in favor of a cut the first such...
Asia-Pacific markets mostly fell Tuesday as investors await the outcome of the talks between U.S. President Donald Trump, Ukraine's President...
U.S. President Donald Trump said on Monday that he was arranging a meeting between Russian President Vladimir Putin and Ukrainian President...
Donald Trump urged Russia's Vladimir Putin and Ukraine's Volodymyr Zelenskiy to show "flexibility" as the US president seeks to expedite his efforts...