Gold prices tended to be stable at the start of the Asian session, as market participants held their breath awaiting the November US employment report (Nonfarm Payrolls), which will be released today. For now, the spot gold price is barely changing at around $4,306.60 per ounce.
According to Fawad Razaqzada, a market analyst at FOREX.com, the market is currently expecting only around 50,000 new jobs. At the same time, the unemployment rate is predicted to rise to 4.5%, which could signal a slowing US economy.
If the results are weaker than expected (a downside surprise), the market could become even more confident that the Fed will cut interest rates sooner. Typically, expectations of lower interest rates weaken the dollar and yields—this is often what fuels gold prices. (az)
Source: Newsmaker.id
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