Gold posted its best quarterly gain since June 2020. Kitco News reports that the yellow metal traded within a $300 range and closed Q1 above $1,950. In other news, talks of a recession are becoming more frequent. CNBC has created a list of a few ways to protect your savings if an economic downturn is indeed around the corner.
Kitco News/David Erfle
Gold posts its best quarterly gain since June 2020
With U.S. and European stocks posting their weakest quarter since the pandemic crash of 2020, Gold Futures gained 6.6% during a tumultuous Q1. The safe-haven metal traded within a $300 range and closed Q1 above $1950, which is an all-time quarterly closing high. The last time Comex Gold Futures gained more for a quarter was in Q2 2020 when the metal rose 14%.
After the Western world began to wage a financial war against Russia during the first week of March, Gold Futures zoomed towards its record peak resistance at $2089, coming just $20 short of this major milestone. But the gold price became extreme overbought in the short-term, while doing so on the back of geopolitical turmoil.
Read the full story, here.
Fox Business/Megan Henney
US sees glimmer of hope in job growth despite crippling inflation
U.S. job growth continued at a brisk clip in March, suggesting the labor market is still strong as it confronts the highest inflation in four decades, global supply chain constraints and new headwinds from the Russian war in Ukraine.
The Labor Department said in its monthly payroll report released Friday that payrolls in March rose by 431,000, missing the 480,000 jobs forecast by Refinitiv economists. The unemployment rate, which is calculated based on a separate survey, fell to 3.6%, the lowest level since February 2020.
Job gains were broad-based, with the biggest increases in leisure and hospitality (112,000), professional and business services (102,000) and retail (49,000).
You can read the full story, here.
There are signs a recession could be on the way. Here are some ways to protect your savings
With a historical indicator of recessions flashing red this week, financial experts have shared their top tips on how to protect your savings — and even invest — if an economic downturn is indeed around the corner.
On Monday, the yield on the five-year Treasury rose above the interest rate on the 30-year U.S. government bond for the first time since 2006. The more closely-watched spread is between two-year and 10-year yields, which then inverted on Thursday for the first time since 2019, indicating a lack of confidence about the health of the economy.
You can read the entire article, here.