© Reuters.
Investing.com – Gold prices varied during these moments of trading on Thursday, with investors reluctant to make big bets ahead of important US jobs data scheduled for tomorrow, Friday, which may provide more clues on the path of the Federal Reserve’s interest rates.
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Important data is awaited
US data this week showed gradual signs of a slowdown in the US labor market, with employment opportunities falling to a two-and-a-half-year low in October, while private sector jobs increased less than expected last month.
Investors’ focus now turns to Friday’s US non-farm payrolls data ahead of updated economic forecasts and interest rates from the Federal Reserve at its policy meeting scheduled for December 12-13.
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Recent dovish comments from Federal Reserve officials and a slew of weaker-than-expected economic data have heightened expectations that U.S. interest rates have peaked and that the Fed may begin cutting rates early next year.
Traders expect a roughly 60% chance of a rate cut by March next year, Investing’s Fed rate tracker shows.
“Weaker than expected economic data reinforces expectations for early interest rate cuts by the US Federal Reserve… Interest rate cuts later in the year (2024) should be supportive of investment demand in gold,” ANZ analysts wrote in a note.
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Low interest rates tend to support non-interest bearing bullion.
Spot gold looks neutral in a range between $2,019 and $2,033 per ounce, and a break out of this range could indicate some direction for prices, according to Reuters market analyst Wang Tao.
Gold at settlement yesterday
Prices rose at settlement of trading yesterday, Wednesday, amid a decline in US bond yields, after data that raised hopes that the Federal Reserve is close to ending its monetary tightening cycle, with geopolitical tensions in Ukraine and the Middle East supporting demand for safe haven assets.
Upon settlement, gold futures prices for February delivery – the most active – rose by 0.55%, or $11.6, at $2,047.9 an ounce, after touching $2,053.4 during the session.
He pointed out that the pace of adding jobs in the American private sector slowed during November to 103,000 jobs, compared to expectations of adding 128,000 jobs, and annual wages rose by 5.6%, which is the lowest pace of growth since June 2021.
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Gold and dollar now
Gold futures are now down 0.22% to $2,043 an ounce.
While it rose by 0.1% to $2027 per ounce.
On the other hand, it declines by 0.03% to 104.08 points.
other metals
Spot transactions fell 0.4 percent to $23.79 per ounce, platinum fell 0.3 percent to $887.08, and platinum fell 0.3 percent to $940.68 per ounce.
2023-12-07 06:51:00
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