Daily Digest Market Movers: Gold price declines further as economic data misses estimates
- Gold price drops sharply after facing selling pressure around $1,970.00 as demand for gold remains weak due to higher gold prices and interest rates.
- Fears of more interest rate hikes from the Federal Reserve (Fed) deepen as Chicago Fed Bank President Austan Goolsbee favors further policy tightening despite easing inflationary pressures.
- Meanwhile, 10-year US Treasury yields remain subdued at around 4% as inflation remains in check after soft United States core Personal Consumption Expenditure (PCE) data was released on Friday.
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U.S. ADP Nonfarm Employment ChangeThe ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government's non-farm payroll report. The change in this indicator can be very volatile.
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