U.S. Employment Data was Better than Expected / Gold Prices Still Have Greater Room for Rebound
The number of new jobless claims in the United States continued to drop to 553,000 last week, compared to the market's original expectation of 549,000, a decrease of 13,000 from the previous month. During the period, the number of people who continued to claim unemployment benefits increased by 9,000 to 3.66 million, higher than market expectations of 3.614 million. The ideal employment data in the United States is reflected in the huge fiscal stimulus and extensive vaccination. The impact of the Covid-19 pandemic on the job market is gradually diminishing.
On Friday (April 30) Asian market in early trading, spot gold continued to be under pressure, and it is now quoted at around US$1770 per ounce. The well-known financial website Economies.com recently wrote an article on Friday to analyze the price of gold. Driven by the favorable economic data from the United States, the yield of US Treasury bonds rose sharply, and the price of gold fell by more than 1% on Thursday (April 29). Spot gold closed at 1,772.18 US dollars per ounce, down 9.50 US dollars or 0.53%, the lowest intraday hitting the lowest point since April 15 at 1,756.04 US dollars per ounce. Economies.com wrote in the article that the price of gold fell sharply on Thursday and fell below $1765.00 per ounce. However, gold price subsequently rebounded and is now back above this level.
