GOLD: What's the Market Choice Next?
$Gold - main 2504(GCmain)$ $XAU/USD(XAUUSD.FOREX)$
During the New York trading session on Wednesday (5 March), the price of gold fluctuated dramatically due to the U.S. jobs data and the news on Trump's tariffs, with the volatility of the price reaching nearly $36 during the session. Eventually, gold prices closed essentially flat on Wednesday.
ADP National Employment Report, known as the ‘small non-farm payrolls’ report, the United States in February, private sector employment growth slowed down, increasing only 77,000 jobs, much lower than the expected 140,000.
Nela Richardson, ADP's chief economist, said in a statement, ‘Policy uncertainty and slower consumer spending may have contributed to layoffs or slower hiring last month. Our data, combined with other recent indicators, suggest that employers are hesitant to hire as they assess the economic environment ahead.’
After the ADP data came out, the US dollar index fell sharply in response, and spot gold prices rebounded sharply from the session low of $2,894.27, and soared to $2,929.97 during the New York session.
However, the gold price then retreated significantly from the above highs, once touching the level near $2911. The latest news on Trump tariffs, which makes the market risk appetite warming, and hit the gold with safe-haven properties
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
- EraGrowth_Wealth·2025-03-06Gold is definitely an aspect to watch over the coming weeks and months, lets see if they can return to previous highs!LikeReport