After its release today, the weekly unemployment data gave an overview of the Federal Reserve’s directions during the coming period, and the latter’s vision was reinforced to confirm Jerome Powell’s statements that the time has become appropriate to reduce the rate of interest rate hikes in the coming period, especially after unemployment benefits rose to 230 thousand requests, which means the trend towards recession !
Unemployment data affected gold and the dollar, not to mention bonds, as the 10-year Treasury yield rose by 1.21% to 3.449%.
The dollar index fell by 0.1%, affected by the unemployment data, which helped in the rise in gold prices, as spot gold contracts increased by 0.2% to 1793.16 dollars an ounce.
US gold futures rose 0.2% to $1,804.80.
Silver futures also rose by 0.6% to $23.2.
Crude oil futures also rose by 0.98%, as January crude oil futures were trading at $72.16 a barrel.
US Nymex light crude rose strongly to levels of $75.2 per barrel, by 4.6%.
On the other hand, Brent crude rose to $79, by 2.4%.