Global gold prices rose slightly this morning, with spot gold prices up $2.4 to $2,028 per ounce. Gold futures traded at $2,045.3 per ounce, up $1.6 from the previous day.
Global gold markets were slightly volatile as investors awaited the release of key US jobs data on Friday (US time). This data is intended to help determine U.S. Federal Reserve (Fed) interest rate trends.
The 10-year Treasury yield hovered near a three-month low, while gold edged higher as a 0.6% drop in the dollar index made the precious metal more attractive to investors. Holders of other currencies.
Ole Hansen, a commodity strategist at Saxo Bank, said the biggest concern for gold right now is that markets are pricing in the possibility of interest rate cuts early. Today's jobs report will therefore be part of the answer to the possibility of a rate cut.
According to Craig Erlam, senior market analyst at OANDA, gold is waiting for key data points in the US and the Fed meeting before making its next move. "Whether gold returns to record highs will depend on this year's final labor market data," Ahlam said.
Looking ahead to next year's gold market, World Gold Council experts recently noted that while market expectations that the US will achieve a soft landing have made gold historically less attractive, geopolitical tensions and central bank He said that combined demand for gold has made gold less attractive, which could provide support. In 2024.
Global gold markets were slightly volatile as investors awaited the release of key US jobs data on Friday (US time). This data is intended to help determine U.S. Federal Reserve (Fed) interest rate trends.
The 10-year Treasury yield hovered near a three-month low, while gold edged higher as a 0.6% drop in the dollar index made the precious metal more attractive to investors. Holders of other currencies.
Ole Hansen, a commodity strategist at Saxo Bank, said the biggest concern for gold right now is that markets are pricing in the possibility of interest rate cuts early. Today's jobs report will therefore be part of the answer to the possibility of a rate cut.
According to Craig Erlam, senior market analyst at OANDA, gold is waiting for key data points in the US and the Fed meeting before making its next move. "Whether gold returns to record highs will depend on this year's final labor market data," Ahlam said.
Looking ahead to next year's gold market, World Gold Council experts recently noted that while market expectations that the US will achieve a soft landing have made gold historically less attractive, geopolitical tensions and central bank He said that combined demand for gold has made gold less attractive, which could provide support. In 2024.
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