There has been much anticipation of the release of June’s employment situation report by the Bureau of Labor Statistics, due to the recent market volatility after the Fed chairman Ben Bernanke, during last month’s FOMC meeting, indicated that the central bank is considering, turning the tap off the on-going $85 billion a month asset purchase program, at some point later this
Bank of Japan (BoJ) meets every month for a two day meeting to decide on the monetary policies and interest rates to control the money supply into the economy and achieve price stability, economic growth and higher employment.
Last week saw a return in optimism for the struggling cable which made some recovery against the U.S. Dollar, following the release of U.K. services sector data and the announcement of BoE policy decisions.
Gold has tumbled last week by a further 5.3% closing at $1223.70 an ounce on the Comex division of the New York Mercantile exchange. The slide began in April 2013 when the investors started worrying over the rumors on Fed tapering fears and led to sharp decline after Bernanke confirmed that Fed may scale back the stimulus soon. Gold is down by 25% on the quarter and annual losses reach up to 27%, the biggest annual drop since 1981.
Gold declined around 1% on Monday, extending last week's 7 percent slide as investors were concerned that Fed is preparing to remove its stimulus from the US economy coupled with China being gripped by its own credit crunch which spooked investors. The slide in US equities also prompted liquidating of bullion to cover margin calls.