Gold prices rose today, Wednesday, against the backdrop of a decline in the dollar and weaker-than-expected US jobs data, which reinforced speculation that the US Federal Reserve’s tightening cycle has reached its end.
Gold rose in instant transactions by 0.2 percent to $2,023.39 per ounce. US gold futures for February delivery rose 0.2 percent to $2,041.
Matt Simpson, chief analyst at City Index, said: “Volatility in gold prices is likely to remain limited ahead of the release of US non-farm payrolls data on Friday.”
The “yellow metal” rose to a record level of $2,135.40 on Monday, thanks to increasing bets that the US Central Bank would lower interest rates, before falling more than $100 in the same session due to uncertainty about the timing of easing monetary policy.
Yesterday, Tuesday, data showed that job vacancies in the United States fell to the lowest level in more than two and a half years in October, indicating that high interest rates are weakening demand for labor.
The dollar index fell 0.1 percent against a basket of currencies, after rising to its highest level in two weeks yesterday, Tuesday, making gold less expensive for holders of other currencies.
The focus now turns to November non-farm payrolls data released on Friday, which could provide further clues on US interest rate expectations ahead of the Fed’s meeting next week.
As for other precious metals, silver rose 0.5 percent to $24.24 an ounce, while platinum increased 0.1 percent to $900.31. Palladium rose 0.6 percent to $940.14 an ounce, hovering near its lowest level in five years.
2023-12-06 08:49:55
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