Waiting for the non-farm payrolls report, gold futures closed black, the US dollar weakened to restrain the decline | Anue Juheng – Gold

gold futuresIt fell slightly on Thursday (7th) as traders remained cautious ahead of the release of the non-farm payrolls report, but still hoped to see a weakening labor market to support bets that the Federal Reserve (Fed) would cut interest rates as soon as March next year.

• New York for February deliverygold futuresIt fell 0.1% to $2,046.40 an ounce.
• goldThe spot price rose 0.3% to US$2,029.92 per ounce.

Chris Gaffney, president of global markets at EverBank, said: “The market’s interest rate expectations are somewhat overdone.” He believes that the only risk facing metal prices next year will be the Fed keeping interest rates at a high level for a longer period of time.

Betting on interest rate cuts once drove gold prices to US$2,135.40 per ounce on Monday, an all-time high. However, due to uncertainty about the timing of interest rate cuts, gold prices fell back by more than US$100 that day.

The CME Group’s FedWatch tool shows that traders estimate there is a 62% chance that the Fed will cut interest rates before March next year. However, economists polled by Reuters predict that U.S. interest rates will remain unchanged until at least July next year.

not fruitful to itselfgoldGenerally speaking, interest rate cuts can reduce holdingsgoldopportunity cost, thus favoring price.

The United States on Thursday reported an increase in the number of people claiming unemployment benefits last week.10-year U.S. Treasury yieldIt hovered near three-month lows on Thursday,dollar index (DXY) fell 0.6%.

Evermett Millman, chief market analyst at Gainesville Coins, said that although there are already factors to stimulate further rises in gold prices, it is expected thatgoldWill consolidate and test at current levels for some time.

worldgoldThe WGC said on Thursday that if the U.S. economy achieves a soft landing, judging from historical experience,goldPrices may fall or barely stay flat. But considering that 2024 is an election year,goldThere will be factors of geopolitical tension, and the central bank’s buying is still going on, which meansgold Support is still available in 2024.

silverSpot prices fell 0.4% to $23.79 an ounce.platinumrose 2.1% to $908.74 an ounce.stipendIt also rose 2.8% to $969.94 an ounce.