Commodity Evening Trading Guide | Globe Capital Market LTD.
06-Mar-2024
Commodity Evening Trading Guide

MCX Gold prices traded lower in morning trade on Wednesday, March 6, on profit-booking at higher levels ahead of the Federal Reserve Chair Jerome Powell's testimony

Report Overview

 

 

 

Gold prices rose in the previous session on optimism of rate cuts. Recent macro numbers raised hopes that the US Fed may cut rates in June.

Data on Tuesday showed last week US manufacturing slumped further in February and inflation gradually eased, while consumer sentiment stood weak.

Gold tends to gain on the prospects of rate cuts. Moreover, geopolitical uncertainty is also a positive factor for gold

 

TIME
DATA ACTUAL FORECAST PREVIOUS
6.45pm
US
ADP Non-Farm Employment Change
149K 107K
8.30pm
US
Fed Chair Powell Testifies
8.30pm
US
JOLTS Job Openings
8.80M 9.03M
8.30pm
US
Final Wholesale Inventories m/m
-0.1% -0.1%
9.00pm
US
Crude Oil Inventories
2.4M 4.2M
10:30pm
US
FOMC Member Daly Speaks

 

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