Gold achieves a new historical peak: The US dollar continued to show negativity following the data,
recording a decline to 102.28 points, or approximately 1.4%, while US 10-year bond yields fell by 0.34% to 4.078%.
This contributes to making gold the best choice for investors so that gold continues to soar
and achieves a new historical peak of around $2,164 for the price of an ounce
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The most important economic data for the next week
Gold achieves a new historical peak and soars on the back of US labour market data
Oil declines at the close of last week’s trading
The most important economic data for the next week
From Japan, GDP will be announced quarterly, and in the United States,
financial markets will monitor the US inflation rate along with retail sales,
producer inflation, the Michigan Consumer Confidence Index, and industrial production.
In the UK, attention will turn to the unemployment rate, industrial production, January GDP growth figures,
and foreign trade statistics. From China, the focus will be on monetary indicators including new yuan loans,
car sales, and the house price index.
Finally, the Eurozone industrial production figures,
and the business confidence index from Australia will provide further indications of global economic conditions.
Gold achieves a new historical peak and soars on the back of US labour market data
After labour market data for February showed an increase in US unemployment
to the level of 3.9% from the level of 3.7%, contradicting expectations that indicated stability of around 3.7%,
data also reported a decline in average wages from 4.4% to 4.3%,
which is the main catalyst for inflation, which shows that the market has begun to be damaged.
American work, which may contribute to an early reduction in American interest rates during the current year
The US dollar continued to show negativity following the data, recording a decline to 102.28 points,
or approximately 1.4%, while US 10-year bond yields fell by 0.34% to 4.078%.
This contributes to making gold the best choice for investors so that gold continues
to soar and achieve a new historical peak of around $2,164 for the price of an ounce,
making it the eighth rise in a row and on the verge of surpassing the largest series of rises since August 2020.
Oil declines at the close of last week’s trading
Oil trading ended Friday with a 1% decline, recording a weaker weekly performance as markets remained concerned
about weak Chinese demand for crude, despite the OPEC+ group extending production cuts.
Brent crude futures fell 88 cents, or 1.1%, to $82.08 a barrel at the close of trading.
US West Texas Intermediate crude futures fell 92 cents, or 1.2%, to $78.01 a barrel.
Both benchmarks posted weekly declines, with Brent falling 1.8% and WTI falling 2.5%.
Although supplies remain regulated thanks to OPEC production cuts and Russian sanctions that have slowed exports,
demand from China appears to be declining and demand due to the US driving season has not yet begun.
Gold achieves a new historical peak