[MARKET ANLYSIS] Gold slips as focus now turns to US ADP employment
Gold's recent slip highlights a shift in market focus toward the upcoming US ADP employment figures.
Iran's IRGC is holding military exercises in the Strait of Hormuz and the Sea of Oman at the same time as US-Iran nuclear talks, Iran International reports
[MARKET UPDATE] JPY gains ground on yield differentials and some haven flows while GBP lags after the UK jobs report
[MARKET ANLYSIS] Gold slips as focus now turns to US ADP employment
[MARKET ANALYSIS] WTI and Brent rangebound with geopols in focus
UK sells GBP 500mln 0.125% 2028 Gilt via Tender: b/c 4.05x (prev. 3.77x), average yield 3.336% (prev. 3.443%), tail 0.7bps (prev. 0.6bps)
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- Precious metals have stalled following prior day gains, with the yellow metal slipping below the USD 5,000/oz mark and silver falling by 4.5%, though off worst levels seen during the APAC session. Analysts note that liquidity remains thin, particularly across metals. Focus now turns to US ADP employment figures, which could trigger volatility. Weaker jobs data could trigger a weaker USD, spurring the yellow metal and vice versa.
- Copper prices remain subdued, largely amid the mixed global risk tone and the closure of the Chinese market due to the Chinese holiday. 3M LME copper currently trades in a narrow range of USD 12,695.08-12,849k/t.
If the jobs data disappoints, it could lead to a weaker USD, potentially providing a boost to gold prices; conversely, strong data may pressurize precious metals further. Overall, the absence of strong market liquidity for metals is adding to the volatility as traders await the employment print.
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