Gold heads for second weekly fall; spotlight on US payrolls data
Gold prices on Friday held unfaltering but, later in the day, were moved towards a decline for another week while the focus transferred to U.S. payrolls data due.
Gold heads for second weekly fall; spotlight on US payrolls data
Fundamentals
As of 0022 GMT, Spot gold remained unaltered at $2,631.60 per ounce, falling around 0.8% so far this week.
U.S. ‘gold futures’ gained 0.3% and is at $2,645.70.
Due at 1330 GMT, traders will scan the U.S. payrolls report for indications on the U.S. rate cut trajectory.
A Reuters survey showed that following the increase of 12,000 in October, non-farm payrolls rose by 200,000 jobs in November, which is the lowest number since December 2020.
Data on Thursday displayed that, an increasing number of Americans are filling applications for unemployment benefits and the labour market condition is easing steadily.
As per the CME Group’s FedWatch tool, markets recently see a 70.1% scope of a 25-basis-points Federal Reserve rate cut this month.
On Wednesday, Fed Chair Jerome Powell said the U.S. economy became stronger than it was in September, when the central bank began cutting rates, letting policymakers be more cautious in decreasing rates further.
The appeal of non-yielding bullion gets dull by higher rates.
Spot Silver was at $31.31 per ounce, platinum got down 0.3%, was at $935.99, and palladium got up 0.3% to $965.85. For this week, silver is up, and platinum and palladium both are moved forward for their second week of losses.
