GOLD Prices Hold Steady, Focus Shifts to US Payrolls Data
Spot gold was unchanged at US$2,631.60 per ounce, as at 0022 GMT, dropping about 0.8 per cent so far this week.
US gold futures were up 0.3 per cent to US$2,654.70.
Traders Eye US Payrolls Report
Traders will scan the US payrolls report, due at 1330 GMT, for cues on US rate cut trajectory.
Non-farm payrolls likely increased by 200,000 jobs in November after rising by 12,000 in October, the lowest number since December 2020, a Reuters survey showed.
Impact on Interest Rates
According to the CME Group’s FedWatch Tool, markets currently see a 70.1 per cent chance of a 25-basis-points Federal Reserve rate cut this month.
Fed chair Jerome Powell on Wednesday said the US economy was stronger than it had appeared in September, when the central bank began cutting rates, allowing policymakers to potentially be a little more cautious in reducing rates further.
Other Precious Metals
Spot silver was flat at US$31.31 per ounce, platinum dropped 0.3 per cent to US$935.99 and palladium rose 0.3 per cent to US$965.85.
Conclusion
In conclusion, gold prices held steady on Friday, but are headed for a second straight week of decline. The focus has shifted to the US payrolls data, which is expected to provide cues on US rate cut trajectory.
FAQs
Q: What is the current price of gold?
A: The current price of gold is US$2,631.60 per ounce.
Q: What is the expected impact of the US payrolls report on interest rates?
A: The US payrolls report is expected to provide cues on US rate cut trajectory, with markets currently seeing a 70.1 per cent chance of a 25-basis-points Federal Reserve rate cut this month.
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