Gold reversed part of its three-day negative streak, although faltering just ahead of the $4,100 mark per troy ounce amid the broad-based risk-off environment, lower US Treasury yields and shrinking bets for an interest rate cut by the Federal Reserve at its December meeting.
Gold prices rose to around $4,070 per ounce on Tuesday, halting a three-day losing streak as traders stayed cautious ahead of a packed US data calendar. With delayed releases due this week, notably the payrolls report on Thursday and the Fed's minutes on Wednesday, investors are wary that incoming prints could constrain the Federal Reserve's room to ease policy.
New Labor Department figures showed initial jobless claims at 232,000 for the week to October 18th and continuing claims at 1.957 million, the highest since August, underscoring mixed labour-market signals. Against that backdrop, markets have trimmed expectations for a December cut: money-market pricing now puts the odds of a 25bp Fed reduction at roughly 46%.(Cay)
Source: Newsmaker.id
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