Gold Jun '24 (GCM24)
Gold Futures Market News and Commentary
The dollar index (DXY00) fell by -0.17% on Wednesday. The dollar fell on Wednesday after the S&P 500 climbed to a new record high, reducing demand for dollar liquidity. Also, Wednesday’s weaker-than-expected reports on July ADP employment and July ISM services were bearish for the dollar. Losses in the dollar are limited on hawkish comments from Kansas City Fed President Jeff Schmid and Minneapolis Fed President Neel Kashkari, who said tighter Fed policy was needed to reduce inflation.
The US July ADP employment change rose by +44,000, weaker than expectations of +65,000.
The US July ISM services index rose +0.1 to 54.1, weaker than expectations of 54.5. The July ISM services price paid sub-index unexpectedly rose +2.6 to 70.3, stronger than expectations of a decline to 65.0.
Tuesday evening, Kansas City Fed President Jeff Schmid said, “Given the strength of demand and investment, I do not see the current stance of monetary policy as restrictive. As such, I be... Read more
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