Mon. May 20th, 2024

FOREX TODAY: GOLD HITS YET ANOTHER RECORD HIGH TO START THE WEEK

By Mahesh Limbani Apr 8, 2024 #FOREX #Gold Price
Forex gold

Gold preserved its bullish momentum and hit a new all-time high above $2,350 at the weekly opening after gaining over 4% in the previous week.

Here is what you need to know on Monday, April 8:

Gold preserved its bullish momentum and hit a new all-time high above $2,350 at the weekly opening after gaining over 4% in the previous week. Sentix Investor Confidence data for April will be featured in the European economic docket and the US calendar will not offer any high-impact data releases on Monday.

Forecasting the Coming Week: Markets maintain focus on inflation.

The data from the US showed on Friday that Nonfarm Payrolls (NFP) rose 303,000 in March and the Unemployment Rate edged lower to 3.8% from 3.9% in February. Both of these prints came in better than analysts’ estimates and helped the US Dollar (USD) stay resilient against its major rivals heading into the weekend. According to the CME FedWatch Tool, markets are pricing in a 52% probability that the Fed will leave the policy rate unchanged at the June policy meeting, up from nearly 40% before the jobs report.

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