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Gold prices surge back above $5,000 as investors look ahead to US jobs and inflation data - YAHOO FINANCE
Gold (GC=F)
Gold prices jumped on Monday morning, as investors looked ahead to key economic data releases due out of the US this week.
Gold futures (GC=F) surged 1.3% to $5,046.70, per ounce at the time of writing, while spot gold rose 1.2% to $5,030.61 an ounce.
As a result of delays due to the partial US government shutdown, January's employment report will be released on Wednesday, followed by January's consumer price index (CPI) inflation reading on Friday.
Deutsche Bank analysts said in a note on Monday morning that their economists "expect headline and private payrolls to rise by 75k (consensus at +69k and +75k respectively), a modest improvement relative to recent trend rates. If this holds, they anticipate the unemployment rate staying at 4.4%."
As for Friday's inflation reading, Derren Nathan, head of equity research at Hargreaves Lansdown, said: "January’s annualised price increases are expected to fall from 2.7% to 2.5% but that’s been aided by falling oil prices."
"Core inflation is expected to remain steady at 2.6% and unless that starts to nudge down, we may not see another rate cut during the final months of Jerome Powell’s reign at the Fed, even if the labour market tightens further," he said.
