by Joerg Bernhard
For increased attention on the gold markets, current data from US job market care for. At 1:30 p.m., Challenger’s job cuts report is due for release, followed by the ADP monthly report (2:15 p.m.). At 2:30 p.m., the weekly initial jobless claims will follow. According to a survey of analysts published by Trading Economics, the number of new unemployed is expected to be 250,000. A higher value should help the gold price due to the resulting lower risk of interest rate hikes. A strong labor market would tend to do the opposite.
On Thursday morning, the price of gold was relatively stable. By around 8:35 a.m. (CET), the most actively traded futures on gold (February) had fallen by 3.40 to $1,812.40 per troy ounce.
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Crude oil: Signs still in the red
The American Petroleum Institute report, released Wednesday night, showed inventory losses of 1.3 million barrels, slightly lower than expected. The fossil energy source could experience new impetus in the afternoon when the US Energy Information Administration (5 p.m.) will publish its weekly report on the development of storage reserves and production figures. The players in the oil markets are still worried about the high number of new corona infections in China and their potentially negative impact on global demand growth for crude oil.
The oil price was weaker on Thursday morning. As of around 8:35 a.m. ET, the next-dated WTI future is down 0.84 to $78.12, while its Brent counterpart is down 0.94 to $83.05.
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