VOT Research Desk
At the start of a new week, the price of gold is trading near its highest levels in five months above $1,800, with risk flows dominating as China extends the covid openings to Shanghai and Hangzhou.
Despite a significant improvement in the risk profile and dovish Federal Reserve views, the US Dollar is still under pressure.
According to the most recent figures reported last Friday, the US economy added 263,000 jobs in November, better than 200,000 but less than the 284,000 added in October.
Markets seem to be convinced that the Fed’s dovish tilt could aid the economy with a soft landing in light of the positive US payrolls report. All eyes are now on the US as the Fed has entered the blackout phase.
This week’s data releases on the ISM Services PMI and preliminary UoM Consumer Sentiment are expected to give the price of gold new trading impetus.
