Gold rises as markets eye lower interest rates, central-bank demand
Join the dots
- Gold price rises as markets increase their bets of interest rates coming down in the US.
- Central bank buying of Gold remains strong in March, according to the World Gold Council.
- The Chinese Caixin services PMI data remains in expansive territory, supporting the outlook for a key market for Gold.
The Gold price (XAU/USD) is trading up by almost a percent, in the $2,320s on Monday, as markets weigh the implications of weaker-than-expected US jobs data on interest rates – a key driver of Gold price – and economic data from China, a major market for Gold, stays in expansive territory. Central bank demand remains strong further supporting prices.
Gold price rises after US jobs, China data
Gold price rebounds on Monday as markets mull the outlook for interest rates in the light of recent US employment metrics.
Friday’s US Nonfarm Payrolls data from the Bureau of Labor Statistics showed a below-estimated 175K people found work in April. More importantly, wage inflation showed a slowdown, with Average Hourly Earnings both on a yearly and monthly basis ticking down from where economists had expected.
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