With all signs pointing to the Federal Reserve instigating a further 50-base point rate hike, a window to buy gold has opened.
This opportunity comes on the back of the latest U.S. jobs data, which showed that the number of Americans registering new claims for unemployment benefits fell last week, decreasing by a total of 3,000 persons to 192,000. The expectation had been that the number would rise to 200,000. While January’s 3.4% unemployment rate was the lowest recorded in more than five decades, it is expected to creep higher over the course of the year.
Additional economics data, which saw the U.S. GDP grow by 2.7% in the fourth quarter of 2022 has also weighed on gold prices. The precious metal pricing has dipped slightly as a result, to now trade around £1,522 ($1,828). This window to buy won’t be open long so the age-old advice to buy the dip takes on a new urgency. Buy now.