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Tuesday, London time, Gold prices remained close to five-week highs against the greenback following the UK bank holiday in the last week of the month. The Federal Reserve is widely expected to raise its key interest rate this month, while new U.S. employment data is also expected to slow its rise.
According to Wall Street forecasts. The monthly non-farm payrolls data to be released this Friday will add 2 new jobs, which is much lower than the monthly figure.
At the same time, the Federal Reserve will announce the latest interest rate policy on March 1.
Gold smelters and traders said in the latest report that over the past month, gold has still fluctuated within a narrow range in the descending triangle area.
Investors will be based on the possibility of the Federal Reserve raising interest rates before the end of the year. The pressure is likely to continue to increase as pricing increases. Traders' next focus should be on Friday's employment data for more information.
The London team of the futures trading and gold trading brokerage also stated in the trading report that every data and all the Federal Reserve’s statements will be closely watched, forgetting all normal fundamentals, technical aspects, and what we have been using to observe important clues in the market. Now it's just a matter of keeping an eye on the US data and the headlines.