The Gold Felt the 'Aggressive Fed' Pressure On The First Day Of The Week

Gold, which is also known as a safe haven among investors, showed a horizontal course on the first day of the week due to the expectation that the Fed's aggressive pressure on the markets will continue after the United States non-farm employment figures were recorded above the expected level.

Higher-than-expected non-farm payroll data in the US strengthened the Fed's forecast that they would continue aggressive interest rate hikes. Following these predictions, the gold market recorded a flat start to the new week after the decline it experienced on Friday. Gold transactions, which entered the market at the level of $1.850 on the first day of the week, were realized around this level. Spot gold did not lose its support at the level of $1,850, although it decreased by 10 percent compared to the record rise it experienced after Russia's invasion of Ukraine. In the United States, salary payments remained stable, while hiring continued to rise at a strong pace in May. This situation coincided with the period when the Fed made drastic increases to balance inflation, and it was shown that the economy continued to gain strength. According to the data released by the Ministry of Labor on Friday, non-farm employment data, which increased by 436 thousand in April, increased by 390 thousand in May. While the unemployment rate remained at 3.62 percent, a high labor force participation rate was recorded.