After traders witnessed one of the least eventful weeks for precious metals in months last week, drama returned to the gold market this week, with big moves in response to significant data and Fed speak.
Gold prices kicked off Sunday trading around $2,024 per ounce in the spot market, trending slowly but steadily higher in the first half of the week before the FOMC statement and Fed Chair Powell’s press conference on Wednesday afternoon dashed all hopes of a spring rate cut and sent gold sharply lower.
Thursday morning saw gold reverse course and shoot up to a weekly high of $2,064.28, and prices continued to trade in the 2050s until Friday morning’s jobs report came in nearly double the consensus, driving gold back down to a bounce at $2030 per ounce.
