"This is why markets are not pricing in the probability of Fed's tightening as imminent.
Cronometer gold price full#
"That essentially means that the labor force participation is still at problematically low levels, and we are nowhere near full employment," Melek said. The reason for that was the unchanged participation rate, which remained at 61.6%, said TD Securities head of global strategy Bart Melek. economy adding an impressive 531,000 positions and the unemployment rate dropping to 4.6% in October.
On the economic data side, gold rallied despite the U.S. The Fed might wait longer for rate hikes, or it might even stop its taper of QE," Gainesville Coins precious metals expert Everett Millman told Kitco News. The central bank is more likely to stay patient to help the economy, which is positive for gold. Powell's comments left plenty of wiggle room to walk back that hawkishness. The market is trying to digest how hawkish the Fed actually is. "The intra-day volatility for gold has been on the rise. December Comex gold futures were last at $1,818.60, up 1.40% on the day.ĭespite kicking off tapering this month, Federal Reserve Chair Jerome Powell acknowledged uncertainty around inflation while stressing it is too soon to start raining rates. Gold jumped $25 on Friday as markets started to anticipate a more patient Federal Reserve going forward. (Kitco News) With the Federal Reserve's tapering and new employment data out of the way, the gold market is finally moving.
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