Gold rises 0.75%, and silver records a meteoric rise

Friday, June 07, 2024 - 00:13
Point Trader Group

The US market closed its trading today lower with anticipation of employment data scheduled to be released tomorrow before the markets open.

The commodity market rose strongly in return, and the dollar index fell strongly today to 104.080 against a basket of foreign currencies led by the euro, which rebounded today after the European Central Bank’s decision to reduce interest rates by 25 basis points with an announcement that there is no intention to raise them at the July meeting.

By the en of trading, the S&P 500 fell by 0.02%, while the Nasdaq fell by 0.1%, and the Dow Jones Industrial Average rose by 0.2%. Trading was characterized by sidelines and weakness, as is usually the case with trading before important data, as yesterday’s data, especially employment data and the rate of job addition to the US economy, as well as the wage rate and the growth rate of average wages, will control investors’ expectations of the Federal Reserve’s decision and the possibility of a shift in monetary tightening policy or keeping interest rates high for a longer period. .

Oil also rose in today's trading, as Brent oil rose 1.9% to $79.86 per barrel after falling all week since the OPEC+ decision on Sunday. Crude oil also rose by approximately $75.53.

Silver prices rose by 4.4% to $31.4 per ounce, continuing the silver rally that began last May.

The number of Americans filing first-time claims for unemployment benefits rose more than expected last week, to 229,000, compared to an upwardly revised total of 221,000 the previous week, and beating economic expectations of 220,000.

This comes as the latest sign of a slowing labor market, after similar data earlier showed a decline in private sector jobs and a decline in job openings below estimates.

The much-watched monthly jobs report is due out on Friday, with economists expecting the US economy to have added 185,000 jobs, a slight increase from the previous month.

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