The gold price benefited from weaker-than-expected US job market results yesterday, returning above the $ 1,700 mark.
In the afternoon, the U.S. Department of Labor’s monthly report (2:30 p.m.) is on the agenda, creating a high level of excitement. According to a survey of analysts published by Trading Economics, the unemployment rate is said to have imploded from 4.4 to 16.0 percent and the number of jobs from minus 701,000 (April) to minus 22.0 million. Although the influence of the futures markets on the gold price has decreased noticeably in the past few weeks, the actors are likely to be particularly interested in the Commitments of Traders report by the US regulatory authority Commodity Futures Trading Commission (9:30 p.m.).
Oil price: stable into the weekend
After yesterday’s ascent and descent, the oil price in early Friday trading is not quite as impulsive as the day before. Although the oil markets continue to suffer from a massive oversupply, there is now hope for a stabilization of demand as more and more countries gradually start up their economies again. However, storage capacities remain scarce. At around 7:00 p.m., US oil and gas company Baker Hughes will communicate its weekly report on North American drilling activities. Should there be any surprises here, this should also affect the trading trend of the coming week.