Gold price today: Gaining momentum again!

Golden information:
According to the weekly report from the US Department of Labor, the number of first-time applications for unemployment benefits in this country has increased to the highest level since August last year. In the week ending May 4, the number of people applying for unemployment benefits for the first time in the US increased by 20,000 people compared to the previous week, an increase that exceeded expectations, to 231,000 people.

The data raises expectations that the Fed will begin cutting interest rates at some point this year. Gold is a non-interest-bearing asset, so the strength of gold prices is often reinforced when the prospect of the Fed cutting interest rates increases.

In addition, gold price this session is also supported by the decrease in USD exchange rate and US Treasury bond yields.

After the US jobs report, the Dollar Index measuring the strength of the USD decreased by about 0.3%, to more than 105.2 points. Gold is priced in USD, so USD depreciation is a beneficial factor for gold prices.

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