{"id":124603,"date":"2024-06-10T08:55:49","date_gmt":"2024-06-10T08:55:49","guid":{"rendered":"https:\/\/kinesis.money\/?p=124603"},"modified":"2024-06-10T08:55:49","modified_gmt":"2024-06-10T08:55:49","slug":"gold-falls-to-monthly-low-us-data","status":"publish","type":"post","link":"https:\/\/kinesis.money\/de\/market-analysis\/gold-news\/gold-falls-to-monthly-low-us-data\/","title":{"rendered":"Gold Price News: Gold Falls to One-Month Low on US Data"},"content":{"rendered":"\n

Gold prices fell sharply on Friday, dropping to their lowest since early May, after US figures showed an unexpectedly large increase in employment in May.<\/p>\n\n\n\n

Prices fell as low as $2,306 an ounce<\/a> on Friday, compared with around $2,377 an ounce in late trades on Thursday. The dramatic fall in prices followed a two-week high seen on Thursday.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange <\/figcaption><\/figure>\n\n\n\n

US non-farm payrolls figures came out on Friday showing an increase of 272,000 in May, way more than the market\u2019s expected 185,000. The jump in employment provided a surprisingly resilient view on the economy in May, casting some doubt on the need for interest rate cuts by the US Fed, at least in the short-term.<\/p>\n\n\n\n

Gold prices were already under pressure early Friday on news reports stating that China\u2019s central bank didn\u2019t buy any gold for its official reserves in May, and the US jobs figures only added to the downward momentum.<\/p>\n\n\n\n

Monetary policy came into sharper focus last week after the Bank of Canada and European Central Bank both cut interest rates by 25 basis points, in line with market expectations. The start of a loosening of monetary policy is supportive for precious metals prices in general, and this effect would be further strengthened if the US Fed shows signs of getting closer to cutting rates.<\/p>\n\n\n\n

The markets generally expect the first US interest rate cut to come in the autumn, although bets are currently split between September and November, according to data from interest rate traders.<\/p>\n\n\n\n

On the macro side, the start of the week is looking light on economic data releases, leaving the market to turn its attention to Wednesday\u2019s US inflation figures for May, as well as the US Fed interest rate decision, with the markets widely expecting no change from the current 5.5% for now.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\n<\/i><\/p>\n

Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold prices fell sharply on Friday, dropping to their lowest since early May, after US figures showed an unexpectedly large increase in employment in May.<\/p>\n","protected":false},"author":50,"featured_media":124656,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-124603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Falls to One-Month Low on US Data | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Monday 10th of June 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" 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