Gold & Silver Steady as Investors Await Jobs Data
APMEX
6/28/2021 2:19:24 PM
Gold & Silver Steady as Investors Wait for Jobs Data
After barely snapping a more than three-week losing streak, gold is subdued to start the week while the dollar steadies. Currently, gold is sitting near $1,780 an ounce, which is close to where it ended last week. Silver is also little changed from last week’s levels and is hovering around the $26.15 mark.
Given how reactive both metals have been to Fed updates in recent weeks, it’s likely that additional updates from the central bank may continue to affect gold and silver prices throughout this week as well.
Financial regulators in the U.K. have banned Binance, a major cryptocurrency exchange. Despite continued crackdowns, Bitcoin is up by nearly 5% to start the week.
Major U.S. indices are looking to add to last week’s gains but haven’t moved significantly. The S&P 500 and Nasdaq are both in positive territory near fresh record highs, but little changed. The Dow Jones Industrial Average is down by about 0.3% after gaining more than 3.3% last week.
U.S. markets are seemingly quiet, leaving metals, stocks, and Treasury yields with little price movement from last week’s close. To better gauge how the U.S. economy is recovering, investors are anticipating jobs and payroll data to be released later this week.
There are several scheduled economic events for the week that may prove to be market movers. Consumer confidence data is set to be released tomorrow, which may outline how optimistic individual investors are regarding the current state of the economy.
The Labor Department will release the June jobs report on Friday, along with non-farm payroll data. Unemployment is expected to drop slightly as the economy continues towards reopening. After recent inflation news, extra emphasis may be put on jobs data as a barometer of economic recovery.
For metals, this may mean significant price movements this week may depend on the dollar, Fed policy clues, and anything significantly different in terms of forecasted American jobs data.
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