Gold keeps rising as dollar loses steam

Economies.com
2023-12-07 08:26AM UTC

Gold prices rose in European trade on Thursday for another session as the dollar slowed down against major rivals. 

 

Markets expect the Federal Reserve to cut interest rates in March, while waiting for crucial US labor data this week including the payrolls report tomorrow. 

 

Gold Prices Today

 

Gold prices rose 0.3% to $2,030 an ounce, with a session-low at $2,025, after rising 0.3% on Wednesday, the first profit in three days, approaching recent record highs at $2,146.

 

The Dollar

 

The dollar index fell 0.3% on Thursday away from a three-week trough at 104.23, on track for the first loss in four days on profit-taking against a basket of major rivals.

 

The index hit three-month lows recently following a spate of weak data and bearish remarks by Fed officials which paved the way for early interest rate cuts in 2024. 

 

US Labor Sector

 

Recent data showed that momentum is receding in the US labor sector with job opportunities declining to 2-1/5 year low in October, while private sector employment disappointed as well.

 

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%.

 

Fresh Data

 

Now investors await important US labor data, including unemployment claims data for the week ending December 2, and the payrolls report tomorrow.

 

The SPDR

 

Gold holdings at the SPDR Gold Trust remained flat at 880.83 tonnes yesterday.

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