Investing.com | Editor Venkatesh Jartarkar
Published Oct 04, 2023 04:30PM ET
The US labor market report, due to be released soon, could potentially influence the price of Gold, possibly causing it to bottom out around $1,820. This warning comes amidst a recent surge in US bond yields that has led to a fall in Gold prices. The situation calls for vigilance from investors and is underpinned by robust US economic data, including a strong ISM manufacturing index and an unexpected rise in job vacancies.
Commerzbank (ETR:CBKG) strategists attribute the pressures on Gold’s price to this strong US economic data. They predict that if the forthcoming Non-Farm Payrolls (NFP) figures are weaker than expected, Gold could hit a possible bottom at $1,820.
In contrast to Gold’s potential decline, Bitcoin has experienced a 10% surge to a local top of $28,613. This significant increase in Bitcoin’s value has had an impact on the performance of other cryptocurrencies.
These shifts in the financial landscape have occurred amidst what some are calling a market overreaction following Tuesday’s crash and the subsequent recovery of the Dow Jones Industrial Average (DJIA).
Adding to these economic fluctuations is an unprecedented political upheaval – the removal of a US Speaker of the House. This event is casting shadows over ongoing budget talks and adding another layer of uncertainty to an already complex economic scenario.
Investors are advised to conduct comprehensive research before making any investment decisions. Both the author of this information and FXStreet emphasize that this information is purely informational and absolve themselves of liability for any errors or losses resulting from reliance on it. Neither party offers personalized advice.
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Written By: Investing.com
