{"id":11137,"date":"2022-06-06T04:32:54","date_gmt":"2022-06-06T04:32:54","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=11137"},"modified":"2022-06-06T04:32:54","modified_gmt":"2022-06-06T04:32:54","slug":"us-jobs-report-indicates-more-rate-hikes-are-on-the-way-gold-prices-are-rising","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/MU\/us-jobs-report-indicates-more-rate-hikes-are-on-the-way-gold-prices-are-rising\/","title":{"rendered":"US jobs report indicates more rate hikes are on the way, gold prices are rising"},"content":{"rendered":"

US jobs report indicates more rate hikes are on the way, gold prices are rising<\/strong><\/h1>\n

Even as the US jobs report suggested additional interest rate hikes this year, gold was up in Asia on Monday morning, putting pressure on non-yielding bullion. By 10:26 p.m. ET, gold futures were up 0.32 percent to $1856.20. (2:26 AM GMT). For the previous week, it has fluctuated between $1,828 and $1,864, with an overall average of $1,850.<\/p>\n

Since new job market statistics revealed no signs of the US economy succumbing to high inflation and rising borrowing costs, the Federal Reserve is on track to raise interest rates by half a point in June, July, and possibly beyond. Gold fell on Friday as statistics indicated that firms in the United States employed more people than expected in May and continued to raise wages at a rapid rate.<\/p>\n

Meanwhile, investors increased their bets on interest rate hikes by the European Central Bank this year, pricing in a larger, 50 basis-point raise at one of the bank’s policy meetings by October. Because gold pays no interest, higher rates increase the opportunity cost of storing it. Sibanye Stillwater, a South African precious metals miner, announced on Friday that trade unions leading a strike at its gold operations had received a mandate from their members to accept a three-year pay contract.<\/p>\n

According to the president of the mining chamber, Ghana’s gold production plunged 30% last year, to its lowest level in more than a decade, knocking the country off its perch as Africa’s top producer. Gold discounts widened in India the previous week as demand slowed owing to rising prices and the end of the wedding season. Consumers in top consumer China were likewise wary of buying bullion as coronavirus restrictions were gradually eased. Platinum<\/strong> <\/a>rose 0.2 percent to $1,015.99 per ounce, while palladium rose 0.9 percent to $1,993.52. The price of silver increased by 0.1 percent to $21.92 per ounce.<\/p>\n","protected":false},"excerpt":{"rendered":"

US jobs report indicates more rate hikes are on the way, gold prices are rising Even as the US jobs report suggested additional interest rate hikes this year, gold was up in Asia on Monday morning, putting pressure on non-yielding bullion. By 10:26 p.m. ET, gold futures were up 0.32 percent to $1856.20. (2:26 AM<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18],"tags":[38,67,56,272,297,24,58,60,55,52,66],"yoast_head":"\r\nUS jobs report indicates more rate hikes, Gold prices are rising<\/title>\r\n<meta name=\"description\" content=\"As the US jobs report suggested interest rate hikes this year, gold was up in Asia on Monday morning, putting pressure on non-yielding bullion\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/MU\/us-jobs-report-indicates-more-rate-hikes-are-on-the-way-gold-prices-are-rising\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"US jobs report indicates more rate hikes, Gold prices are rising\" \/>\r\n<meta property=\"og:description\" content=\"As the US jobs report suggested 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