U.S. employment has increased significantly, exceeding market expectations
The US manufacturing index in New York continued to rise to 17.4 in March, the highest since November 2018, and also higher than market expectations of 14.5, an increase of 5.3 index points from the previous month. Among them, new orders fell from 10.8 to 9.1, shipments soared from 4 to 21.1, and input prices rose from 57.8 to 64.4, the fastest growth rate in 10 years. Looking ahead, companies remain optimistic about the improvement of the situation in the next six months, and the number of employees is expected to increase significantly.
Investors turned to risky assets, causing gold prices to fall
Gold prices fell on Tuesday, and investors turned to higher-risk assets because they expected a rapid economic recovery. At the same time, they were waiting for the outcome of the Federal Reserve Board (Federal Reserve/FED) meeting. During the Asian session, gold prices were basically flat at US$1,732.32 per ounce. US gold futures GCv1 fell 0.05% to US$1,728.20 per ounce. With the acceleration of US vaccination and the benefit of the US$1.9 trillion relief plan to American families, Fed officials this week may predict that the US economic growth rate in 2021 will be the fastest in decades, while the unemployment rate will fall and the inflation rate will rise. It is expected that the price of gold will remain at the level of 1,760 within this week.