Gold continues to gain value after yesterday's report on weekly unemployment claims surged for the week ending May 4. The US Labor Department's report revealed that applications rose by 22,000 for a total of 231,000 new applications filed for unemployment claims, well above economists' forecast of an additional 214,000 claims.
These latest reports, coupled with the recent tepid jobs report showing only 175,000 new positions added last month, could be strong indications that the US is experiencing an economic slowdown.Federal Reserve officials will consider these economic reports when deciding the forward direction of their monetary policy at the next FOMC meeting in June. Currently, the probability that the Federal Reserve will maintain its current benchmark interest rate between 5.25% and 5.
Early forecasts by the Federal Reserve Bank of Cleveland's"Inflation Nowcasting" indicator anticipate that next week's report will reveal an increase in headline inflation of 0.41% month over month and an increase in core inflation of 0.31%. Next week's CPI report will provide crucial insights into current inflationary pressures in the US, potentially influencing the timing and magnitude of rate cuts by the Federal Reserve this year, which will certainly have a strong influence on gold pricing.
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