Gold & Silver Market Awaits NFP Data as Fed Policy Rate Remains Steady

Market participants will be keeping a close eye on this week's non-farm payrolls data, which could provide crucial market cues for gold and silver. The Federal Reserve recently maintained its policy rate in a range of 3.50% to 3.75%, with a rare 9-3 majority vote. Fed Chair Kevin Warsh emphasized that future policy decisions will depend on data, balancing inflation rates and risk predictions.

The World Gold Council reported that central banks purchased a net 41 tonnes of gold in May, with Poland and China being the largest buyers. However, reserve accumulation slowed in early 2023, according to revised estimates. The annual survey also found that 89% of surveyed central banks expect gold holdings to rise over the next 12 months.