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FX168 Financial News Agency (Hong Kong) According to a recent survey released by Bloomberg News on Friday (June 2), this week's bulls have the upper hand, and traders and analysts watched the next week's gold price trend for the second consecutive week.
Of the 14 gold traders and analysts surveyed, 11 were bullish (79%), 2 were bearish (14%), and 1 was flat (7%).
International spot gold closed up $12.20 in the week of June 2, or 0.96%, to close at $1,278.90 per ounce, up to $1,279.10 per ounce, and the lowest to $1,285.75 per ounce.
(Spot gold weekly chart)
Gold prices rose to a six-week high on Friday after the US employment data was disappointing, weighed on the dollar, and the US expectation of a more aggressive rate hike this year cooled.
US employment growth slowed in May, and employment growth data for the previous two months was also revised, suggesting that the job market is losing momentum, although the unemployment rate fell to a 16-year low of 4.3%.
According to data from the US Department of Labor, the number of non-agricultural jobs in the United States increased by 138,000 in May, with manufacturing, government and retail jobs falling, with an estimated increase of 185,000.
The US economic recovery is slowing down, cutting the possibility of raising interest rates.
“The data on non-agricultural employment has surprised everyone. It seems that the gold market will continue to rise,†said Joshua Graves, market strategist at RJO Futures.
ABN AMRO strategist Georgette Boele said, “This is not the kind of report people want, and it puts pressure on the dollar and government bond yields. Gold is always willing to benefit from it.†She said the data will lead investors to the Fed. The rate hike lowers expectations.
Expectations of strong employment data and US manufacturing data are good, pulling gold down to a one-week low on Friday.
In other markets, US stocks hit record highs for the second consecutive day, and the dollar fell to a seven-month low, making dollar-denominated gold less expensive.
Next week, Trump’s “Left Door†and “TongRumen†scandals, which have been quiet for nearly a week, seem to be expected to regain the headlines of the world’s authoritative media next week. According to foreign media reports, former US Federal Bureau of Investigation (FBI) director James Comey has confirmed that he will go to the Senate Intelligence Committee to testify on June 8. His publicly-recognized public exposed fabric will be in the past. The month provides clues to the interaction of President Trump.
The Senate Intelligence Committee’s statement said that Komi will begin public testimony at 10 am on Thursday (June 8), and will hold a closed-door discussion with the committee that afternoon.
It is reported that Richard Burr, chairman of the Senate Intelligence Committee, said in a statement that the committee hopes to understand the progress of the investigation by intelligence agencies in the case of Russia’s interference with the US presidential election and the commitment of Komi himself in the investigation. character of. Mark Werner, vice chairman of the Intelligence Committee, said that Komi’s sudden dismissal caused many questions from outside, and his testimony may answer some of the questions, which will also help the committee’s ongoing investigations in Russia.
The well-known gold information website Kitco wrote on Thursday that investors are waiting for Komi's testimony, which is expected to be a risk factor affecting the dollar's movement. The renewed political turmoil may have a positive impact on gold prices next week, but due to the Federal Reserve's June. The monetary policy meeting is approaching, and the price increase of gold should be limited.
George Gero, managing director of RBC Wealth Management, is also looking forward to the rise in gold, explaining that although the market has already included the Fed rate hike this month, the current employment report shows how the market will act on the radical Fed later this year. doubt.
Gero added, "And there are enough political concerns to continue to support gold. In particular, it refers to the congressional testimony of the Federal Bureau of Investigation, James Comey, who was dismissed by US President Trump on June 8."
In addition, the UK will hold general elections next week. Polls show that Teresa’s conservative leadership has narrowed, which adds to the uncertainty of the election results. If there is any accident in the general election, the market risk sentiment will be suppressed, and the golden light will shine.
Among other precious metals, spot palladium rose 6.37% this week to $839.65 per ounce, hitting a daily high of $842.90 since September 2014.
Spot silver closed up 1.15% this week to $17.53 an ounce, after hitting a one-month high of 17.58 per ounce.
Spot platinum fell 0.66% to $9453.40 per ounce.
(Editor: Chen Hao HF072)
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