The price of gold rises amid anticipation of the US jobs report: Gold prices rose in the trading session on Wednesday,
amid investors’ anticipation of the release of economic data, especially the jobs report,
in an attempt to predict the Federal Reserve’s move regarding the monetary policy it will follow.
Still, the rise in US bond yields made it difficult for gold to continue rising.
Content:
Gold price mover
Kyle, a senior financial market analyst at Capital.com,
believes that reducing expectations regarding interest rate cuts is the biggest driver of gold’s price,
which will remain so for a few days.
The report of the last Federal Reserve meeting, which was held on December 12 and 13,
indicated that bank officials are convinced of the decline in inflation.
Still, they expressed great doubt regarding interest rates and their reduction.
The dollar index fell, maintaining the rate it reached over 3 weeks in the last session,
while 10-year Treasury bond yields rose and reached 3.9330%.
Economic reports and data
Investors are awaiting the release of the weekly unemployment claims data,
which is expected to be released today, in addition to the non-farm payrolls report, which will be released tomorrow,
Friday, to obtain a clearer picture of the scope available to the US Central Bank to reduce interest rates.
Metal prices
The price of gold reached 2043.72 after it rose 0.1% in spot trading,
while the price of gold futures reached $2051 per ounce after it rose 0.4%.
The price of silver stabilized at $22.97 per ounce,
while platinum rose by 0.5% and reached $966.59,
The palladium reached $1066.93 per ounce after rising by 0.1%.
The price of gold rises amid anticipation of the US jobs report