- Gold prices fell amid lower US Treasury yields and a strong US Dollar. The US 10-year Treasury note is yielding 4.457%, down four basis points (bps) from its opening level. The US Dollar Index (DXY), which tracks the Greenback's performance against six other currencies, dives 0.25% to 105.25.
- US Department of Labor reported that Initial Jobless Claims for the week ending May 4 rose to 231K, exceeding the estimates of 210K and showing an increase from the previous week's figure of 209K. The uptick in jobless claims suggests a cooling US labor market.
- Softer-than-expected labor market figures, as shown by last month’s US employment report and unemployment claims data, may exert pressure on the Fed. Officials recognized that the risks to achieving the Fed's dual mandate of fostering maximum employment and price stability have become more balanced over the past year.
- Gold has advanced more than 12% so far in 2024, courtesy of expectations that major central banks will begin to reduce rates. Renewed fears that the Middle East conflict could resume between Israel and Hamas can sponsor a leg up in XAU/USD prices.
- According to Reuters, the People’s Bank of China (PBoC) continued to accumulate Gold for the 18th straight month, adding 60,000 troy ounces to its reserves amid higher prices.
- After the data release, Fed rate cut probabilities increased from around 33 basis points (bps) to 38 bps points of rate cuts toward the end of 2024.
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