empty
 
 

2020.05.0810:04:00UTC+00Gold Prices Rise Ahead Of US Jobs Data

Gold prices rose on Friday to hover near a two-week high and the dollar nudged lower as investors await the U.S. jobs report for April, expected to show a severe impact from the coronavirus pandemic.

Spot gold rose 0.4 percent to $1,733.10 per ounce, while U.S. gold futures were up 0.45 percent at $1,733.30 as investors price in a negative U.S. interest rate environment for the first time.

According to analyst estimates, U.S. employment is expected to plunge by about 22 million jobs in April, driving the unemployment rate up to 14.0 percent. That would blow away the record dive seen during the 2007-2009 recession.

Unemployed U.S. workers filed 3.2 million new claims for jobless benefits last week, the fewest since the week ended March 14 but still fifteen-times early March readings, the Labor Department reported Thursday.

Atlanta Federal Reserve Bank President Raphael Bostic said on Thursday that the worst-case scenario can be avoided and the Fed will do everything it is legally allowed to do.

Federal Reserve Bank of Minneapolis President Neel Kashkari also said that another Great Depression can be avoided because of aggressive action taken by the central bank.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback