Summary
This week Gold prices hit a fresh weekly high of $1274 an ounce from the previous week’s close of $1242 an ounce before retreating back down to the key support level of $1250. This week Gold has been supported by an outflow of capital from Equities and Emerging Markets amid global economic concerns. This week's mix of U.S data has added to the trend. As the Federal Reserve continue to taper – a wave of currency declines are hurting a number of Emerging Market economies, ranging from Brazil, Russia, India and South Africa. This is prompting local investors to move their capital away from depreciating currencies and into safe-havens like gold. January Non-Farm Payroll cam in weaker-than-expected. US non-farm payrolls rose by 113K last month, missing estimates of a 180,000 rise, based on the report released by the Bureau of Labour Statistics. In the previous month, the number of new employees rose by the surprisingly low figure of 74K. The unemployment rate dropped to 6.6% in January, down from 6.7% in the previous month.Latest Live Videos
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.