Gold prices fell more than 1% on Friday (November 21) and are set for a weekly decline after a strong US jobs report dampened expectations of a Federal Reserve rate cut next month, weighing on the non-yielding precious metal. Spot gold fell 0.7% to $4,047.14 an ounce, as of 09:09 GMT, after falling more than 1% earlier in the session. Bullion prices have fallen 0.5% this week. US gold futures for December delivery fell 0.4% to $4,044.50 an ounce. "The prospect of further rate cuts is somewhat tempered by the good labor market data released yesterday. I think that's the main factor"...
Gold trimmed losses after Kyiv and its European allies rejected key parts of a US-Russia plan to end the war in Ukraine. Bullion prices traded near $4,060 an ounce, heading for a slight weekly loss following a sell-off in equities and cryptocurrencies, and a poor US jobs report that clouded prospects for another Federal Reserve interest rate cut in December. The leaders of Germany, France, and the UK agreed in a phone call with Ukraine's Volodymyr Zelenskiy that Kyiv's armed forces must remain capable of defending its sovereignty. The US has threatened to halt the provision of intelligence...
The US dollar held strong tonight after posting sharp gains throughout the week, although it has begun to correct slightly amid global stock market volatility. The US Dollar Index briefly touched a nearly six-month high before settling around 100.3 in Friday's trading, marking a gain of around 0.9% in the last five sessions. The dollar weakened slightly against the yen after Japanese officials reiterated warnings about possible intervention, sending USD/JPY down slightly to the 157 area. However, against most other major currencies, the dollar remained strong. The dollar's strength this...
Silver slipped below $50 per ounce on Friday, falling for a second consecutive session amid expectations that the US Federal Reserve will refrain from cutting interest rates in December as policymakers navigate economic uncertainties. The delayed US nonfarm payrolls report released on Thursday showed mixed signals, with employment growth accelerating in September, but the unemployment rate rose to 4.4%, the highest in four years. This report will serve as the final labor market data ahead of next month's FOMC meeting, as the BLS said it will skip the regular October employment release and...
Gold trimmed losses to about 4,080 dollars per ounce on Friday but remained on track for a weekly decline as markets digested stronger US labour data, dovish central bank signals and softer US yields. The delayed Labor Department report showed nonfarm payrolls rose by 119K in September and the unemployment rate ticked up to 4.4%, which initially reduced the odds of an immediate Fed cut and pushed the dollar higher. Minutes from the Fed October meeting revealed a divided committee and scaled back some earlier easing bets, yet remarks from the NY Fed president that a near term adjustment...