Gold rallied 2 percent on Wednesday as the dollar retreated after a downbeat U.S. jobs report raised expectations that the Federal Reserve could be more cautious in tightening monetary policy.
The dollar fell 0.2 percent against a basket of currencies, after weaker-than-expected ADP private jobs data raised concerns that Friday’s impending jobs report could also point to worsening conditions in the labor market.
“There is so much discord in the U.S. data that is difficult to find what exactly the next report is going to be. It’s the uncertainty that pushes people towards safe-haven assets such as gold,” ING Bank senior strategist Hamza Khan said.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015