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Gold rebounded sharply over the weekend as the core PCE index matched estimates. The precious metal broke out from $2,194 to $2,235 before correcting slightly and ending the week at $2,223. The MoM core PCE index increased 0.3%, coinciding with market expectations. This shows that inflation is still persistent and the Fed will not be in a hurry to cut interest rates.
This week, the market will receive a series of important economic data, including the services and manufacturing PMI index, JOLTS employment data, and the US NFP report. Currently, gold is trading around $2,260.
This week, the market will receive a series of important economic data, including the services and manufacturing PMI index, JOLTS employment data, and the US NFP report. Currently, gold is trading around $2,260.
Comment:
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