Originally Posted by
ariston
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Gold prices surged almost 2% to $2016 an ounce on Tuesday, the highest level since March of 2022, after fresh data for US job openings pointed to a slowdown in the labour market, suggesting the Fed may not need to raise rates much further and could even pause the tightening cycle. On Monday, the ISM Manufacturing PMI already pointed to a fifth straight month of contraction in factory activity, in a sign that tighter credit conditions are already hurting the economy. Investors now see a 56.9% probability the Fed will leave the fed funds rate steady next month. At the same time, the recent banking crises have led to a surge in demand for safe-haven assets.