Gold edges up ahead of US jobs data

Economies.com
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. 

 

The SPDR

 

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

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