Gold falls slightly in price as part of the correction and in anticipation of statistics from the US

Posted 02 February, 2022

The price of gold on Wednesday morning is slightly reduced after a two-day increase, according to trading data. Markets expect important statistics on Friday - data on unemployment in the US for January.

As of 7:57 Moscow time, the price of April gold futures on the New York Comex exchange decreased by $3.35, or 0.19%, to $1,798.15 per troy ounce. March silver futures rose 0.27% to $22.657 an ounce.

For the previous two days, gold has risen in price against the backdrop of a weakening dollar, which traditionally supports the quotes of the precious metal. During this time, its price rose by a total of 0.8%, while the dollar index (the exchange rate against a basket of currencies of six countries - the main trading partners of the United States) fell by 0.9% in two days. On Wednesday, the index drops by 0.1%.


Investors are waiting for US unemployment data in January, which will be published on Friday. Analysts believe that unemployment remained at the December level of 3.9%, and the number of people employed in non-agricultural sectors of the economy increased by 150,000. Unemployment statistics is an important economic indicator that is taken into account by the US Federal Reserve System (FRS) when making monetary policy decisions.

"A weaker-than-expected report could prompt some gold buying as it weakens the Fed's resolve to raise rates, albeit only slightly," analysts quoted the Wall Street Journal as saying.

According to the CME Group, almost 90% of analysts expect the Fed to raise the rate in March to 0.25-0.5%, the rest are waiting for an increase to 0.5-0.75%. At the same time, a third of analysts predict that by the end of the year the rate will reach 1.25-1.5%.

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