Gold Holds Steady Before U.S. Rate Data
Gold prices remained steady as markets awaited the release of the US non-farm payroll report for September, which is expected to influence the trajectory of interest rates. Spot gold stayed around $4,146.66 per ounce, while futures declined by 0.3% to $4,177. Recent data showed a slowdown in inflation in the United States, reducing the likelihood of the Federal Reserve raising interest rates in October. However, the odds of a rate hike in December are now at 87%. The market also saw geopolitical events, including an uncertain American response to Iranian proposals to revive a ceasefire in the Gulf, along with investments in Egypt's mining sector to explore for gold and other minerals. Additionally, other precious metals declined: silver by 0.4%, and platinum and palladium by smaller margins.
Notice: This Is an AI-Generated Summary
Comments (0)