JABAR EKSPRES – Gold prices fell again in late trading Thursday (Friday morning WIB), extending losses for a second straight session on stronger U.S. government bond yields amid signs that the U.S. jobs report for June could make the Fed more hawkish.
The most active gold contract for August delivery on the Comex division of the New York Exchange slumped 11.70 US dollars or 0.61 percent to close at 1,915.40 US dollars per ounce, after touching a session high of 1,934.00 US dollars and a low of 1,908.50 US dollars.
Gold futures slipped 2.40 US dollars or 0.12 percent to 1,927.10 US dollars on Wednesday (7/5/2023), after edging up 0.10 US dollars or 0.01 percent to 1,929.50 US dollars on Monday (7/3/2023), and jumping 11.50 US dollars or 0.60 percent to 1,929.40 US dollars on Friday (6/30/2023).
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The Comex exchange is closed on Tuesday (7/4/2023) for a holiday commemorating US Independence Day.
In remarks at the annual meeting of the Central Bank Research Association in New York Thursday (7/6/2023), Dallas Federal Reserve President Lorie Logan said she remains concerned about whether inflation will return to the Fed’s 2.0 percent target in a sustainable and timely manner.
“The continued prospects for above-target inflation and a stronger-than-expected labor market call for tighter monetary policy,” Logan said.
Market expectations for a rate hike later this year prompted gold to settle at its lowest level Thursday (7/6/2023) since March 14.
Economic data released Thursday (7/6/2023) was mixed. The US Labor Department reported that applications for jobless claims rose 12,000 to 248,000 for the week ended July 1, up from 236,000 in the previous week.
Automated Data Processing Inc (ADP). reported that US private sector employment jumped by 497,000 in June, well above expectations of 250,000 and a big jump from 278,000 in May.
The US Labor Department reported there were 9.8 million job openings in May, down from 10.3 million in April.
S&P Global’s seasonally adjusted US services purchasing managers’ index (PMI) fell to 54.4 in June, down from 54.9 in May.
