Gold futures prices rose beyond the $2,100 level, supported by expectations that the US Federal Reserve (Fed) will cut interest rates in June.
At 10:29 pm Thai time, gold contracts on the COMEX (Commodity Exchange) market will be introduced in April. it added $13.20 or 0.63% to $2,108.90/oz.
Gold prices also received positive factors due to the weakening of the dollar. This increases the attractiveness of gold. This makes gold contracts cheaper for holders of other currencies.
In addition, investors are freed from worries about inflation. After the United States released the Personal Consumption Expenditure (PCE) price index which was in line with analysts’ expectations.
Investors will be keeping an eye on Fed Chairman Jerome Powell’s statement this week.
Mr. Powell presents his semi-annual statement on monetary policy and economic conditions of the United States to Congress. He is expected to present a statement to the House of Representatives Financial Services Committee on March 6, before addressing the Senate Banking Committee on March 7.
The market is keeping an eye on Mr. This will happen before the Fed’s monetary policy meeting on March 19-20 to find signals indicating the direction of the Fed’s interest rate.
The US Department of Labor will release non-agricultural employment figures for February on Friday.
Analysts predict that employment figures increased by just 190,000 jobs in February. This slowed from the level of 353,000 jobs in January. And the unemployment rate is expected to remain stable at 3.7% in February.
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