Gold (XAU) pulls back from its fresh record high of $2,886.
by Muhammad Umair
FX Empire
Last week’s release of employment data negatively impacted the stock market, while gold (XAU) remained steady above key levels. The data indicates rising inflation expectations, suggesting the Fed will delay rate cuts. Gold’s strength comes from its role as a hedge against inflation, and ongoing uncertainty around interest rates supports its appeal.
[…] The employment data was mixed, with job growth in January at a modest 143K, while the unemployment rate fell to 4.0%, as shown in the chart below.
[…] On the other hand, a drop in average weekly hours to 34.1 signals potential layoffs ahead.