GoldPrice

Good morning, traders. Welcome to our weekly preview of the economic data calendar for the next five days, along with the key narratives driving financial markets, focused on the inputs that could have the most impact on gold prices along with the Dollar and other correlated assets.

Happy Friday, traders. We’re here for our market wrap on what has been a truly exception week for markets in general and for the gold market specifically. We have an emergency Fed Day to discuss, as well as the market moves that have seen gold prices briefly marking a $100 gain for the week as the yellow metal has bounced back from last week to regain its position as a preeminent safe haven asset.

The labor market outperformed expectations in February according to the latest report from the Labor Department, with 273,000 new jobs added to the market last month vs. 175,000 expected. The unemployment rate fell back to 3.5%, with companies continuing to hire in the US despite market concerns surround the escalating coronavirus outbreak developing worldwide.

Initial jobless claims fell 3,000 to 216,000 during the week ended February 29, with no indication of increased layoffs despite the ongoing virus outbreak crisis. The Federal Reserve implemented the first emergency rate cut since 2008 on Tuesday due to concerns around the outbreak, but the latest data shows that the impact on the US economy is in the early stages.

The Institute for Supply Management (ISM) non-manufacturing activity index rose from 55.5 to 57.3 last month, according to the latest report released on Wednesday. The reading indicates ongoing growth in services, beating the expectation of a slight drop to 54.9 for February. The report follows Tuesday’s surprise overnight interest rate cut, the first of its kind since the 2008 financial crisis.

Private payrolls rose above expectations in February, according to the latest ADP National Employment Report. Payrolls increased by 183,000 last month vs. 209,000 in January, revised down from 291,000. February payrolls added 13,000 more jobs than expected.

Good morning traders, welcome back to our weekly preview of the market week ahead with a focus on the macroeconomic data and narratives that could have the biggest impact on gold, the Dollar, and other related assets.

Happy Friday, traders. Welcome to our weekly market wrap and look at the gold markets. We are once again ending a week that has been dominated by the markets’ (suddenly strong) concern about the true economic cost of the Covid-19 epidemic.

A measure of business conditions published on Friday indicates that business conditions have improved from 42.9 to 49 in February. While the measure has increased, any reading below 50 indicates contraction, and the Chicago PMI has now contracted for six months in a row.

Household income in the US rose 0.6% in January, the largest increase in 11 months, while spending rose 0.2%, according to the Commerce Department’s report on Friday. Meanwhile, the Federal Reserve’s preferred metric for gauging inflation rose 1.6% in the 12 months through January, falling short of the Fed’s target range of 2%.

Orders for durable goods in US factories dipped in January following strong growth the month before. According to the Commerce Department, January orders drawn lower by reduced demand for cars, auto parts, and military aircraft.

The number of Americans filing for unemployment benefits increased more than expected last week. Claims rose to 219,000 for the week ended February 22 according to the Labor Department, above expectations of 212,000. The figures are still in line with those of a healthy labor market.