Gold, Oil, Crypto, and Global Market Developments
Gold Holds Steady Ahead of U.S. Jobs Data
Gold prices remained stable in Asian trading on Thursday after three consecutive days of gains, as investors exercised caution ahead of key U.S. non-farm payroll (NFP) data that could shape the Federal Reserve’s next policy move.
Gold was supported by concerns over the U.S. fiscal deficit, driven by the Republican push to advance President Trump’s broad tax cut bill. Additionally, uncertainty over U.S. trade deals ahead of the July 9 tariff deadline helped sustain market interest in gold.
Investors now await the NFP report due later Thursday for more clarity on the Fed’s interest rate path.
Fed Chair Jerome Powell’s recent cautious remarks were viewed as conservative, though he did not rule out a potential rate cut in the upcoming months.
While a rate cut in September is widely expected, recent soft inflation readings and signs of U.S. economic slowdown have raised the chances of an earlier and deeper easing cycle.
Trump’s repeated threats to replace Powell and his calls for immediate rate cuts have further fueled speculation of aggressive policy shifts.
Gold prices this week have been supported by expectations of lower rates and a weaker U.S. dollar.
Currency and Dollar Trends
Most Asian currencies traded in narrow ranges on Thursday amid cautious optimism over potential trade progress with the U.S. Weak economic data from China and Australia also weighed on sentiment.
The U.S. dollar held steady, with markets closely watching the progress of the U.S. tax and spending bill, which was scheduled for a House vote.
The greenback faces a key test from the upcoming U.S. employment report, which is expected to influence the Fed’s monetary policy trajectory.
Oil Market Insights
U.S. crude inventories unexpectedly increased by 3.85 million barrels last week, defying expectations of a 3.5 million barrel draw, according to government data released on Wednesday.
Gasoline inventories also surged by 4.19 million barrels, raising concerns about summer fuel demand strength.
Attention now shifts to the June NFP report, which is likely to offer additional insight into U.S. economic momentum and fuel consumption trends.
Markets remain watchful of the upcoming July 9 tariff deadline, as only limited trade agreements have been secured so far.
OPEC+ is set to meet over the weekend, with the group expected to approve a 411,000 barrel per day production increase in August.
This planned increase continues OPEC’s gradual move to unwind two years of heavy output cuts.
The decision also aligns with President Trump’s ongoing calls for both OPEC and U.S. producers to raise output to keep prices in check.
Crypto Market Movements
Cryptocurrency prices, including Bitcoin, recovered some ground after a weak June.
Bitcoin’s rebound was supported by improved market sentiment following a U.S.-Vietnam trade deal, the third such agreement by Washington ahead of the July 9 deadline.
Markets also welcomed the U.S. decision to ease some restrictions on chip technology exports to China after both countries reached a trade framework in June.
Optimism grew over the potential for additional U.S. trade deals in the coming days. Officials indicated that an agreement with India is nearing, though talks with Japan and South Korea have stalled.
President Trump confirmed he does not plan to extend the July 9 deadline for imposing sharp tariffs on key trade partners.
📌 Conclusion
The markets are currently driven by caution as investors await the U.S. jobs report, monitor trade negotiations, track oil production adjustments, and watch crypto market rebounds.
These developments will be pivotal in shaping the next wave of trends across global commodities, currencies, and crypto assets.
