Oct 3 2024, 07:11
Gold was steady after a modest decline as stronger-than-expected US jobs data damped optimism the Federal Reserve’s would do another half-point rate cut at its next meeting.
Bullion was near $2,660 an ounce after closing down 0.2% on Wednesday. Nonfarm payrolls numbers due Friday are the next gut check on the health of the US economy, which may affect expectations on the Fed’s easing path. Lower rates tend to benefit gold, which doesn’t pay interest.
Gold has rallied nearly 30% this year, hitting a series of record high. Along with rate-cut optimism, the precious metal has also been boosted by robust central-bank purchases and haven demand. An escalation in hostilities between Israel and Iran this week has investors on edge and could support bullion if the conflict worsens
Spot gold rose 0.1% to $2,660.02 an ounce as of 7:47 a.m. in Singapore, near the record high of $2,685.58 reached on Sept. 26. The Bloomberg Dollar Spot Index was steady. Silver, platinum and palladium all edged higher.(ayu)
Source : Bloomberg
