Gold price falls as US jobs data keeps Fed on hawkish track. gold fed markets
“The economy is not breaking down as fast some traders were anticipating. If next week’s inflation does not deliver any cool surprises, a Fed pivot seems far away,” he said, adding that bullion is vulnerable to a further slide toward the $1,680 level.
New York Fed President John Williams said interest rates need to rise to around 4.5% over time but the pace and ultimate peak of the tightening campaign will hinge on how the economy performs. “The timing of that and how high do we have to raise interest rates is going to depend on the data,” Williams said Friday during a moderated discussion organized by SUNY Buffalo in western New York. “Right now the focus is getting inflation back down to 2%.”
Weaker data earlier in the week on US manufacturing and job openings fueled expectations that the Fed may slow its aggressive rate hikes, sparking gold’s climb above $1,700. Fed officials have still been insistent inflation remains too high and they won’t be deterred from tightening policy by volatility in the markets.
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