The latest round of NFP data provided traders with plenty to work with last Friday. Although the headline figure fell short of expectations, coming in at 143k new jobs versus 170k expected, the report provided grounds for optimism. Unemployment fell to 4% from 4.1% in December and figures for previous months were revised heavily to the upside, more than mitigating the most recent shortfall. As many economists were quick to point out, January is hardly the most aggressive month in terms of hiring.
Gold made a push towards new highs on Friday but the effort was thwarted in the end. By the looks of things, markets are eager to resume the battle this morning, carrying the price of gold up to $2,880 at the time of writing. Gold bugs will have enjoyed recent reports that the People’s Bank of China continued to expand its gold reserves for the third straight month in January.
The question of gold’s trajectory ultimately lies with the Dollar, which will face no small degree of scrutiny this week. Starting tomorrow, Fed Chair Jerome Powell will testify before Congress, where the main topic of conversation will undoubtedly revolve around interest rates. Attentions will not be limited to Powell either, with many Fed board members delivering speeches throughout the week. Wednesday will provide an update on the latest inflation metrics in the US, followed by retail sales on Friday. On top of all the above, tariffs are still very much on the table, as Trump prepares to enact reciprocal measures on a number of nations, including China.
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