Gold Intraday: Under Pressure Ahead of Jobless Claims
George Lam May 27, 2020 9:46 PM
Spot gold briefly traded below $1,700, the first time since May 13, and may come under pressure again ahead of U.S. jobless claims data...
Spot gold briefly traded below $1,700, the first time since May 13, before closing down 0.1% near $1,709 yesterday.
U.S. Secretary of State Mike Pompeo said he "reported to Congress that Hong Kong is no longer autonomous from China", after the decision by China to impose a new national-security law on Hong Kong. The Chinese government said it would take countermeasures against any "interference" in Hong Kong's affairs.
Yet, the latest twists and turns of U.S.-China relationship has not sparked gold prices, and a lack of more powerful triggering events might continue to put pressure on the precious metal. Later today, investors expect U.S. jobless claims to ease further to 2.1 million in the week ended May 23, which would mark a seventh consecutive week of decline.
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