Gold’s Jungle: Prices Pull Back After a Wild Surge
Gold went on a wild ride last week, but traders are now clipping the tail to lock in profits.
Why Gold Still Holds Close to Its Peak
Despite the pullback, gold’s sitting near its one‑month high, thanks to a surprisingly weak US economic report.
- Non‑Farm Payrolls (NFP): Wage growth slowed, and unemployment climbed to 4.1%.
- Fed’s “Maybe‑We‑Cut” Mood: Investors keep hoping the Fed will trim rates in September.
What’s on the Agenda This Week?
The market’s eyes are glued to:
- Fed Chair Jerome Powell’s semi‑annual testimony before Congress.
- Comments from other Fed officials that might turn the tap on rates.
- Upcoming US inflation figures that could win or lose gold’s favor.
Could New Data Tilt the Scale?
Fresh, dovish numbers and comments can add extra cushion for gold’s runway. A softer study will push the idea of rate cuts down the road.
Europe & the US: Political Whirlwinds
Euro‑farmer concerns after France’s election and the uncertainty around the US presidential race might serve as a safety net, nudging gold to stay a good bet.
Stay tuned—Gold’s journey is anything but boring!
