Gold edges up ahead of US jobs data
2023-12-08 08:12AM UTC

Gold prices rose in European trade on Friday for the third straight session ahead of US monthly jobs data.


The data will provide fresh clues on the future of US interest rates and monetary policies in 2024. 


Gold Prices Today 


Gold prices rose 0.3% to $2,034 an ounce, with a session-low at $2,026, after rising 0.2% yesterday as the dollar lost ground against rivals. 


Gold is down 1.8% so far this week on track for the first weekly loss in a month on profit-taking away from a record high at $2,146 an ounce.


US Rates


The odds for a Fed interest rate hike at the December meeting stood at just 2%.


Odds for an interest rate cut at the Fed March 2024 meeting stood at 60%, while odds for such a cut at the May meeting stood at 85%.


US Jobs Data


Now investors await the all important US payrolls data in November, with the economy expected to have added 336 thousand new jobs in October.


The unemployment rate is expected at 3.9%, while average hourly earnings are expected up 0.3% last month. 




Gold holdings at the SPDR Gold Trust fell 0.28 tonnes yesterday to a total of 880.55 tonnes. 

Commodities News

Oil News


Oil extends gains, US crude clocks in 4.5%% weekly profit
2024-03-01 22:08PM UTC
Oil prices advanced on Friday as investors await OPEC+ decisions on supplies, expected to extend ...
Oil News


Oil prices scale 4-month high on speculation about OPEC+ cuts
2024-03-01 13:32PM UTC
Global oil prices rose in European trade on Friday on track for the second straight session, with ...
Silver News


Silver on track for seconc weekly loss in a row
2024-03-01 09:41AM UTC
Silver prices fell in European trade on Friday, resuming losses and approaching two-week lows, ...

Commodities Technical Analysis

Oil Analysis


Evening update for Crude oil price 01-03-2024
2024-03-01 17:10PM UTC
Crude oil price traded with strong positivity to surpass our first waited target at 80.00 and open ...
Gold Analysis


Evening update for Gold 01-03-2024
2024-03-01 17:10PM UTC
Gold price rallied upwards strongly to surpass our first target at 2065.70 and confirm opening the ...
Brent oil Analysis


Midday update for Brent oil 01-03-2024
2024-03-01 10:40AM UTC
Brent oil price shows positive trades now to test the sideways range’s resistance line that ...