Buyers are in full control of gold markets this week with prices surging to over $2,230 an ounce on Thursday. Expectations of future interest rate cuts remain, as always, one of the main drivers behind the move, but better-than-expected US economic data also contributed to the price action during yesterday’s session. The precious metal is now up 3% this week and over 8% this quarter.
US jobless claims did indeed come in lower than expected, although not by a huge margin. Initial jobless claims were expected to reach 215k for last week, the real figure coming in at 210k claims. On the topic of economic data, the Core PCE Price Index figures are set to be published later today. The figures are of great interest to the Federal Reserve and by extension traders at large. Those willing to trade the data release will have to bear in mind that most markets in the west are closed due to Good Friday, so liquidity will be lower than normal today.
In light of rate cuts in the not-too-distant future, one may be forgiven for expecting the Dollar to weaken against its traditional competitors but so far this has not been the case. The DXY continued to edge fractionally higher yesterday, closing the day around the 104.5 mark. The strength of the Dollar did nothing to dampen the mood in stock markets either, the Dow Jones and S&P 500 even managing to put in new record highs just before the quarterly close.
To those keeping an eye on Asian markets, we have a relatively important data release from China on Monday, in the form of the Caixin Manufacturing PMI. To those settling into a long weekend holiday, we wish you all the best.
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