Gold futures rose more than 2% to $1,870 on the day. The positive factor from the depreciation of the dollar. and the fall in US government bond yields.
At 10:56 p.m. Thai time, the gold contract on the COMEX market (Commodity Exchange) was delivered in April. plus $ 36.80 or 2.01% to $ 1,871.40 / ounce
A weaker dollar increases the attractiveness of gold. By making gold contracts cheaper for holders of other currencies. As for the fall in US government bond yields. This will reduce the opportunity cost of holding gold. Because gold is an asset without interest in the form of interest.
Investors welcomed the US jobs report today. which indicates a slowdown in inflation And will be a factor supporting the US Federal Reserve (Fed) accelerating in raising interest rates.
Investors weighed more than 70% once morest the forecast that The Fed will raise interest rates by 0.25% this month following the US jobs report released today.
The US released the slowdown in employment numbers today. Although still higher than analysts’ expectations
In addition, investors are concerned regarding inflation. After the average hourly wage of workers increased less than expected.
The US Department of Labor said that Non-farm payrolls rose by 311,000 in February. That was above analysts’ expectations of 225,000, but slowed from 504,000 in January.
The unemployment rate rose to 3.6 percent, above analysts’ expectations of 3.4 percent.
In addition, workers’ average hourly wages rose 0.2 percent month-on-month. This was below analysts’ expectations of 0.4% and a 4.6% increase year over year. This was below analysts’ expectations of 4.8%.
Hourly wage numbers are the top priority for the Federal Reserve (Fed) in looking for signs of inflation.
