Australia’s Unemployment Rate Drops / The Price of Gold Rebounds Strongly

The Australian Bureau of Statistics announced that the local unemployment rate continued to fall to 5.6% in March, a drop of 0.2 percentage points from the previous value and also better than market expectations of 5.7%. During the period, the employed population increased by 70,700, which was significantly higher than the market’s expectation of 35,000. However, the total number of newly-added jobs was part-time employment increased by 91,500, while full-time employment decreased by 20,800. The Australian labor market continues to improve, and companies are willing to recruit a lot, so the local labor market gradually returns to its pre-pandemic level.

Gold is waiting to return to its recovery momentum last week, and it is currently hovering near $1,763. US retail sales data added to weak unemployment claims, portraying an optimistic outlook for the US economy, while US Treasury yields unexpectedly pulled back below 1.6. The United States has issued new sanctions to Russia, and the talks between Washington and Hetland have also disturbed the market, but it is clear that it is difficult to prevent investors from supporting strong optimistic fundamentals, and geopolitical headlines and cautious sentiment have been greatly weakened. As of Hong Kong time, the price of gold fell slightly by 0.01% to US$1,763.50. The US 10-year Treasury bond yield rose 2.42% to 1.567, and it is still unable to return to the 1.6 stabilization stage.

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