Gold resumes gains ahead of US jobs data
2023-12-06 08:51AM UTC

Gold prices rose in European trade on Wednesday, resuming gains after two days of losses away from recent record highs, with the dollar tapering off today.


Now investors await important US labor data and specifically on US private sector employment, which would provide more clues on the likely path ahead for US interest rates. 


Gold Prices Today


Gold prices rose 0.8% to $2,035 an ounce, with a session-low at $2,016, after falling 0.55% yesterday on profit-taking off a record high at $2,146. 


The Dollar


The dollar index fell 0.1% on Wednesday off a two-week high at 104.09 against a basket of major rivals.


A weaker dollar makes dollar-denominated gold futures cheaper to holders of other currencies.


US Rates


There's zero chance for a US interest rate hike at the December Federal Reserve meeting according to the FedWatch tool.


Odds for a 0.25% interest rate cut in March 2024 surged to 55%, while odds for such a cut in May rose to 80%. 


US Data


Now markets await important data on the US labor sector this week to gauge the strength of the economy and the likely path ahead for policies. 


US private sector employment is expected up 131 thousand in November, compared to a 113 thousand addition in October.




Gold holdings at the SPDR Gold Trust fell 0.29 tonnes yesterday to a total of 880.83 tonnes. 

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