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Gold Down Ahead of Jobs Data, Powell Speech
Wednesday, 4 December 2024 16:49 WIB | GOLD |GOLDEMAS

Gold fell on Wednesday as a modest recovery in the U.S. dollar outweighed safe-haven demand as markets awaited U.S. jobs data and comments from Federal Reserve Chairman Jerome Powell for clues on the U.S. central bank's policy outlook.

Spot gold fell 0.1% to $2,641.79 an ounce by 0902 GMT. U.S. gold futures fell 0.2% to $2,663.70.

The dollar index reflects strength that makes dollar-priced bullion more expensive for buyers using other currencies.

Traders see about a 74% chance of the Fed cutting interest rates by 25 basis points, according to CME Group's FedWatch Tool.

U.S. central bankers on Tuesday expressed confidence in declining inflation and signaled support for future rate cuts without committing to immediate action.

Non-yielding bullion's appeal increases when interest rates are low.

Spot silver fell 0.6% to $30.85 an ounce, platinum fell 0.4% to $949.65, and palladium fell 0.3% to $969.05.

Source: Reuters

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