The latest US jobs report underscores the continued resilience of the American economy despite facing elevated interest rates, prompting investors to turn their focus to the upcoming US Consumer Price Index (CPI) release this week. The CPI data will serve as a crucial gauge to determine whether the recent uptick in inflation is a sustained trend or merely transitory.
Oil prices retreated at the beginning of Monday’s trading session following a weekend without any attacks by Iran on Israel or its assets abroad. This development helped alleviate market concerns, leading to a calming effect on oil markets.
Gold, which closed at a record high last week, experienced a reversal in its earlier losses to hit a fresh record early in today’s session.The precious metal regained ground as investors assessed the implications of the robust US jobs report, which led traders to unwind their expectations for potential Federal Reserve rate cuts.