Comex gold jumps $93 to $4,131/oz on July 1 as weak ADP data and Warsh remarks cool Fed hike bets
AI Market Summary
Weaker US ADP jobs data and Warsh's comments that inflation risks have moderated reduced near-term Fed hike fears, pushing DXY down and triggering a sharp rebound in COMEX gold and silver after a poor quarter. Lower rate expectations and a softer dollar improve the relative appeal of non-yielding precious metals, with markets now focused on upcoming US payrolls for confirmation of the policy path.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+2.83%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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On July 1, gold and silver rallied after the June ADP private payrolls report came in below forecasts at 98,000 versus 118,000 expected. Comments from Fed Chair Kevin Warsh that inflation risks had moderated further reduced expectations for a July rate increase, with markets pricing a 65% probability of a September hike. The dollar index slipped to 101.3 as Comex gold futures rose $93 to $4,131 an ounce and silver gained $1.62 to $61.54 an ounce. MCX gold and silver futures also rebounded sharply.
