Gold prices fall on anticipation of US employment data



And by 10:30 GMT, gold In spot transactions, it fell by 0.1 percent to $2,648.69 per ounce, and US gold futures fell by 0.1 percent to $2,672.40.

Markets await new claims for US jobless benefits, due later today on Thursday, and the US payrolls report scheduled for release tomorrow, Friday, is likely to rise by around 200,000 in November alone about 12,000 jobs in October.

Ole Hansen, who is responsible for commodity strategy at Sako Bank, said: “The number of non-farm payrolls is expected to increase to some extent, and if the numbers in the report are low, this could give some support to gold prices.” , according to Reuters.

He added: “I think we’re coming to the end of the year now. No major decisions have been made at this stage. So it’s mostly about intraday trading issues and maybe some profit before the end of the year.”

Gold is typically seen as a hedge against inflation and geopolitical crises, but high interest rates increase the opportunity cost of holding the non-yielding metal.

Federal Reserve Chairman Jerome Powell said on Wednesday that the economy is stronger than the central bank expected in September when it began cutting interest rates, a clear indication of his support for slowing the pace of rate cuts going forward.

According to the CME Fed Watch tool, markets currently expect 74 percent to cut interest rates by 25 basis points at the Federal Reserve’s December 17-18 meeting.

In other precious metals, silver was up 0.3 percent at $31.37 an ounce, platinum was up 0.5 percent at $945.42, and palladium was up 0.5 percent at $982.39. dollars.





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