Investing.com – Updated at 15:33 KSA
Gold prices rose in spot transactions to $2,757 per ounce, an increase of 0.50%. After US labor market data showed the following:
In October, the previous reading registered 223 thousand after the change, while experts expected that 106 thousand jobs would be added.
After the release of the data, expectations of the Fed cutting interest rates by 25 basis points this November were strengthened, after there were doubts that the Fed was taking this step due to the US elections being held this month.
The dollar index is now down 0.21%, erasing session highs, and is trading at 103.64 after stalling at 104 earlier in the session today.
While gold futures are now rising at $2,769 per ounce, an increase of 0.72%.
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Gold prices rose during trading on Friday, heading for a small weekly gain, as investors braced for US jobs data that could provide more clues about the Federal Reserve’s price outlook.
“Investors are still buying the dip and this strategy will last through the US election, and possibly beyond as there will be a lot of turbulence,” said analyst Edward Meier of Marex.
A new Reuters/Ipsos poll shows that Democratic Vice President Kamala Harris has a 46% to 43% lead over former Republican President Donald Trump.
Gold prices rose more than 4% in October amid safe-haven flows fueled by tensions in the Middle East and uncertainty over the US election.
Data released yesterday showed the Federal Reserve’s core inflation index rose 2.1% annually in September, in line with expectations, but was below August’s reading of 2.3% .
The market now focuses on the US, scheduled for 15:30 Riyadh time, for announcements about the state of the world’s largest economy.
Traders see a 95% chance the Fed will cut interest rates by 25 basis points next week, according to .
“With no signs of a recession and low inflation, the economy looks good…so what matters now is how quickly the Fed cuts interest rates,” Mayer said.
Zero yields thrive in a low interest rate environment.
Gold at settlement yesterday
Gold prices fell at the close of trading yesterday, Thursday, recording the highest rate of decline since July, as bond yields rose, geopolitical concerns eased, and as a result of investors’ assessment of presidential election conditions in United States. .
After settlement, futures prices for the yellow metal for December delivery fell 1.80%, or $51.50, to $2,749.30 an ounce, the biggest daily decline in dollar and percentage terms since late July.
However, the most active precious metal contracts posted monthly gains of 3.4% in October, after hitting record highs, surpassing the $2,800 barrier, just days after a surpass the $2,700 barrier for the first time.
Gold and dollars now
Spot gold rose 0.4% to $2,753.75 an ounce, up 0.2% for the week to date. Prices ended lower on Thursday after topping $2,790.15.
The US dollar rose 0.5% to $2,763.60.
On the other hand, contracts settled at 103.90 points.
other metals
Spot transactions rose 0.3% to $32.75 an ounce, while platinum settled almost unchanged at $988.08. Both metals are headed for weekly gains.
It rose 0.2% to $1,108.36, after hitting its lowest level in more than a week earlier in the session.
2024-11-01 12:38:00
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