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Near Unchanged Ahead Of US Non-Farm Payrolls

GOLD

Gold is little changed in the Asia-Pac session. The precious metal closed near unchanged at $1940.19 on Thursday after dipping slightly intraday amidst a recovery for the US dollar.

  • Nevertheless, bullion is headed for a second weekly gain, buoyed by lower US Treasury yields after weak employment data earlier in the week.
  • On Thursday, US inflation data met economists’ forecasts, easing pressure on the Federal Reserve to continue raising rates. The core PCE deflator printed at +4.2% y/y but showed a slight acceleration from the +4.1% seen in June.
  • The market’s attention now turns to the release of the US Non-Farm Payrolls data later today. An increase in payrolls of 170k is expected in August versus 187k in July. The unemployment rate is forecast to be unchanged at 3.5%.
  • On Thursday, Fed Funds implied rates showed cumulative hikes of +3bp for Sep and +11.5bp for Nov to a terminal 5.45%, followed by 51bp of cuts to Jun’24 and a cumulative 122bp of cuts to Dec’24.
  • According to MNI's technicals team, gold continues to sit close to resistance at Wednesday’s high of $1949.05.
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