Daily Digest Market Movers: Gold price struggles to lure buyers amid mixed fundamental backdrop
- Persistent geopolitical tensions stemming from the ongoing conflicts in the Middle East and the protracted Russia-Ukraine war assisted the safe-haven Gold price to regain some positive traction on Thursday.
- As a new round of Gaza ceasefire talks was underway in Doha, investors remained worried about how Iran would respond to the assassination of Hamas leader Ismail Haniyeh in Tehran last month.
- Russia said on Thursday it would beef up border defenses, improve command and control and send in additional forces after Ukraine's biggest attack on its sovereign territory since World War Two.
- The US macro data published on Thursday showed that Retail Sales rose more than expected in July and a still resilient labor market, easing fears of a sharp slowdown in the world's biggest economy.
- The US Census Bureau reported that the total value of sales at the retail level in the US rose 1% in July and sales ex-autos grew 0.4%, beating estimates for an increase of 0.3% and 0.1%, respectively.
- Another report by the US Department of Labor (DOL) revealed that there were 227K initial jobless claims in the week ending August 10, better than the 235K expected and 234K in the previous week.
- The markets were quick to react and are now pricing in a greater chance that the Federal Reserve will lower borrowing costs by just 25 basis points at its upcoming monetary policy meeting in September.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.