Updated
Updated · FX Empire · Jul 6
Gold Climbs 2.14% to $4,175.70 as 57,000 June Jobs Slash September Hike Odds
Updated
Updated · FX Empire · Jul 6

Gold Climbs 2.14% to $4,175.70 as 57,000 June Jobs Slash September Hike Odds

3 articles · Updated · FX Empire · Jul 6

Summary

  • $4,175.70 spot gold closed the week up $87.31 after a weak June payrolls report reversed an early selloff and delivered bullion’s first weekly gain in about a month.
  • 57,000 U.S. jobs were added in June versus expectations of 110,000 to 115,000, pushing CME FedWatch September rate-hike odds down to about 53% from near 65% and helping drive the dollar’s worst week since April.
  • $3,942.10 marked last week’s low, where gold bounced from a key retracement zone and formed a closing-price reversal bottom; a move above the 52-week average at $4,257.63 would confirm a counter-trend rally.
  • July 8 FOMC minutes are the next test for that rebound: any sign June policymakers already doubted further tightening could extend gains, while a firmly hawkish tone may leave gold consolidating near current levels.
  • Central-bank reserve buying has continued for months, giving gold an underlying floor that could amplify any further easing in rate expectations.

Insights

With the new Fed Chair reducing public guidance, are markets flying blind on future rate hikes and their impact on gold?
As central banks accelerate de-dollarization, can the Fed's interest rate policy still effectively control the price of gold?
Silver's tech-driven supply deficit is growing. Is it poised to outperform gold regardless of what the Federal Reserve does next?