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The price of gold slightly lower this morning after settling yesterday at a two-year high. There’s a lot of market data to be absorbed later this week that could have an impact on the price of gold.
First off is Thursday’s Bank of England’s meeting. The BoE is expected to cut interest rates for the first time in seven years. The reason is the disappointing UK economic data of late, following the U.K.’s vote to leave the EU. The market is expecting the BoE’s Monetary Policy Committee to deliver a message that easing is necessary to counter the economic hit experienced after the Brexit-vote. The last time the BoE had a rate change was March 2009, when the decision was made to lower the rate to 0.5 percent during the worldwide financial crisis.
ADP jobs report released this morning shows an increase of 179,000. The National Employment report is a measure of non-farm private sector employment figures. This report had no effect on the price of gold this morning.
The market also awaits Friday’s U.S. employment figures. Many market participants question the accuracy of these numbers as seen in May only 38,000 jobs were created then in June 272,000. What caused the big difference month to month? The instant the May job number was released, reported way below the streets expectations, we saw gold rally $26 dollars in a blink of an eye. So many professional gold traders will just wait till the numbers are released on Friday before taking a position again.
Author Name: Walter Pehowich
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