๐จ Gold Holds Above $5K Despite Strong Jobs Data
๐ฅ Gold remains steady above $5,000 per ounce, but recent U.S. jobs data has created some short-term pressure. The U.S. economy added 130K jobs in January, well above expectations, and wages rose by 3.7% YoY. ๐
๐ก What This Means for Gold:
With stronger-than-expected jobs numbers, investors now expect interest rate cuts to happen later, likely around July or June, which boosted Treasury yields. ๐ ๐ธ This has limited goldโs immediate upside.
๐ Global Demand Keeps Gold Strong:
Despite the short-term pressures from the U.S. economy, China's central bank continues to buy gold, supporting its price. ๐ฆ๐ฎ
Conclusion: The outlook for gold remains strong as global demand persists, but short-term volatility is expected. Watch for any changes in the Fedโs moves! ๐๐
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