Gold holds steady as silver falls
Gold prices remained stable at the start of Asian trading sessions as investors awaited U.S. jobs data that will influence the interest rate trajectory. Spot gold traded around $4,146.66 per ounce, while U.S. futures declined by 0.3% to $4,177. The non-farm employment report in the United States is expected to be released tomorrow. Data from yesterday showed that August inflation rose less than expected, reducing the likelihood of a U.S. interest rate hike in October. However, there is an 87% chance of a rate increase in December, which diminishes gold's appeal since it does not generate income. Additionally, Egypt's mining sector has attracted hundreds of millions of dollars for gold and mineral exploration, in a country that is among the least explored in Africa for these resources. The prices of other precious metals also declined, with silver dropping to $60.17, platinum to $1,704.95, and palladium to $1,200.85.
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