Prices fell
goldOn Friday, after data showed the US economy added more jobs than expected in September, prompting traders to reduce their bets that the Federal Reserve (the US central bank) will cut interest rates by 50 another foundation at their meeting in October.
Gold in immediate trade fell 0.2 percent to $2,649.69 an ounce by 17:57 GMT, after jumping to an all-time high of $2,685.42 on September 26.
U.S. gold futures fell 0.4 percent to $2,667.80.
US job growth accelerated in September and the unemployment rate fell to 4.1 percent, easing pressure on the US Federal Reserve to cut interest rates by another 50 basis points at its scheduled monetary policy meeting for the sixth and seventh of November next.
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Jump the signal
Dollar After the release of the data to the highest level in seven weeks, making the yellow metal more expensive for buyers abroad.
According to data from CME Group’s Fed Watch, traders currently see a nearly zero percent chance that the U.S. Federal Reserve will cut interest rates by 50 basis points, down from 28 percent ahead of Friday’s jobs data release. .
Gold is considered a safe investment in times of political and financial uncertainty, and it also thrives in times of lower interest rates.
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As for other precious metals, silver in spot transactions rose 0.5 percent to $32.21 an ounce, and is heading for a weekly gain.
Platinum fell 0.1 percent to $989.33, while palladium settled at $1,000.
2024-10-04 20:21:41
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