Gold traded almost steady on Wednesday as investors awaited the U.S. Federal Reserve’s monetary policy decision later in the day, while expectations of an improvement in trade relationship between the United States and China dented the metal’s appeal.
Global Economic Data
Labour Market Overview, UK: June 2019
The UK employment rate was estimated at 76.1%, higher than a year earlier (75.6%) and the joint-highest on record.
Gold Futures Prices Zoom as a Report That Showed Much Weaker-Than-Expected U.S. Jobs Growth in May
Gold futures prices zoom on Friday as a report that showed much weaker-than-expected U.S. jobs growth in May month contributed to declines in the dollar and Treasury yields.
India’s Central Bank Faces Calls for Rate Cuts – Gold Silver Reports
Gold Silver Reports (GSR) – Growth cooled to 5.8% in the first three months of the year, the slowest pace in several quarters, according to a government report on Friday. That took the expansion in the fiscal year to March 2019 to 6.8%, lower than the 6.9% median estimate in a Bloomberg survey.
Fed Minutes: No Rate Moves are Coming ‘for Some Time’ Even if the Economy Improves
Gold Silver Reports (GSR) – Federal Reserve officials remained firmly committed to a “patient” policy stance at their meeting earlier this month, saying rates likely will remain unchanged well into the future.
Breaking News – U.S. Tariffs Planned For $300 Billion More – Gold Silver Reports
Gold Silver Reports (GSR) – U.S. Tariffs Planned For $300 Billion More – Late Monday, the U.S. Trade Representative’s Office released plans to impose 25% tariffs on the $300 billion worth of Chinese goods that have not been taxed so far. President Donald Trump has been threatening such a move even as he raised tariffs on $200 billion worth of goods to 25% from 10%.
Fed Keeps Rates Unchanged, Says Inflation Pressure Is Low
The Federal Open Market Committee, or FOMC, just wrapped up its two-day meeting. As expected, the federal funds rate remained the same, but that doesn’t mean that nothing significant happened. In fact, some potentially dovish language has been added to the committee’s statement, which may reduce the probability of further interest rate hikes.
Draghi: The Governing Council stands ready to adjust all of its instruments
Draghi: The Governing Council stands ready to adjust all of its instruments to ensure that inflation continues to move towards the inflation aim
China Data Dump to Show Investment Recovery Continuing in 2019
China’s first batch of major official indicators this year are forecast to show that an investment recovery that began in mid-2018 is set to continue, but the economic slowdown and trade war are still undermining factory output and consumption.