In the afternoon, some important indicators for the development of the US labor market will be announced. This is causing restraint on the gold markets, but also tension.
by Joerg Bernhard
The Fed minutes published yesterday, Wednesday, were unable to give the price of gold any new impetus because the mood among central bankers continued to indicate a persistently restrictive monetary policy spoke. In addition to the data from US job market Today’s May data on the US trade balance should also attract increased attention. According to a survey of analysts published by Trading Economics, imports are said to have fallen more than exports. The US economy is currently proving to be relatively robust, which speaks in favor of maintaining the restrictive monetary policy due to the high inflation rate. The labor market has also been spared a marked weakness so far. However, there is now a risk of a significant decline in the number of newly created jobs. If this turns out to be stronger than expected, interest in gold should tend to increase.
On Thursday morning the price of gold presented itself as held quotations. As of 7:00 a.m. GMT, the most actively traded gold futures (August) is down 2.80 to $1,924.30 an ounce.
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Crude Oil: Caught in trading range
Although the American Petroleum Institute report released on Wednesday evening showed inventory losses of 4.4 million barrels, the oil price trended slightly lower. 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. Crude oil inventories are expected to fall by a million, according to a survey of analysts published by Trading Economics. Concerns about interest rates, the economic weakness in China and ongoing fears of recession in America and Europe are currently slowing down the oil price again and again.
The oil price was relatively stable on Thursday morning. As of around 7:00 a.m. ET, the next-dated WTI future is down 0.10 to $71.69, while its Brent counterpart is down 0.25 to $76.40.
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