New York Gold Market Conditions: Gold closes at $13.30 on expectations of a rate cut next month.

New York gold futures closed positive on Thursday (October 10), supported by expectations thatFederal Reserve Banketc. (A deer) to reduce.interest rateAt a meeting the following month after the United States appearedinformationInflation and Labor

Gold contracts on the COMEX (Commodity Exchange) market will be delivered in December. Rose $13.30 or 0.51% to close at $2,639.30/ounce.

Cash contract for December delivery. Rose 57 cents, or 1.86%, to close at $31.24/oz.

Platinum contract for delivery in January. Rose $18.90 or 1.97% to close at $976.20/ounce.

Palladium contract for delivery in December. Rose $29.30 or 2.81% to close at $1,072.20/ounce.

The US Department of Labor reported that the Consumer Price Index (CPI) rose 2.4% in September year over year. This was higher than analysts’ expectations for a 2.3% monthly increase, the CPI rose 0.2%, higher than analysts’ expectations for a 0.1% increase.

The number of first-time applicants for unemployment benefits rose by 33,000 to 258,000 last week. This is the highest level since August 5, 2023, and exceeds analysts’ expectations of 230,000.

Alex Ebkarian, CEO of Allegiance Gold, said the US CPI did not come out much higher than expected. And it didn’t surprise the market much either. At the same time, the number of people applying for unemployment benefits reflects a slowdown in the labor market. This information leads the market to predict that the Fed will continue to cut interest rates and be a supportive factor for gold prices.

CME’s FedWatch said that after the United States released the aforementioned inflation and labor data, investors will pressure 80% of the Fed to cut interest rates by 0.25% at its November meeting. .

Investors will be watching today’s US Producer Price Index (PPI) release for further signals on the Fed’s interest rate guidance.

By Rattana Phongtawich