Gold Price Latest – $2,000/oz. Support Stands Firm as US Inflation Reports Near

Last week’s US Jobs Report showed the US unemployment rate falling to 3.4%, matching a five-decade low, while workers’ wages grew further, underlying the strength of the US labor market. Friday’s NFP report gave the US dollar a short-term nudge higher as traders reassessed their US interest rate predictions, but this move subsequently reversed as traders went back to pricing in a series of rate cuts for this year and next. The latest CME Fed Fund rate predictions suggest that the US central bank will cut rates by 75 basis points by the end of the year, and by another 125 bps by the end of 2024.

Ahead this week, important US inflation reports will give the market greater clarity on US price pressures, both consumer and producer, while the Michigan Consumer Sentiment survey on Friday is a closely watched index of how consumers see their own financial situation.