Daily digest market movers: Gold price on the defensive amid risk-on mood
- Worries of a US recession had faded after US Initial Jobless Claims for the week ending August 3 dipped from 250K to 233K, below forecasts of 240K. Continuing Claims through July 27 increased from 1,869K to 1,875K, exceeding the forecast of 1,870K.
- The golden metal price gathered traction despite reports that China’s central bank restrained itself from purchasing Gold for the third consecutive month.
- The CME FedWatch Tool shows that the odds for a 50-basis-point (bps) cut at the September meeting were lowered from 63.5% on Wednesday to 57.5%.
- The Fed decided to hold rates unchanged last week but indicated that favorable data on inflation and further weakening in the labor market could prompt action
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