Gold prices rise ahead of US payrolls data

News Image

MG News | December 06, 2024 at 12:31 PM GMT+05:00

0:00

December 06, 2024 (MLN): Gold prices rose on Friday, while market participants braced for the U.S. payrolls data that is expected to provide cues on the interest rate cut trajectory.

Spot gold rose 0.3% to $2,636.94 per ounce by [12:27pm] after hitting its lowest since Nov. 26 earlier in the session. Prices are down about 0.4% so far this week, as Reuters reported.

U.S. gold futures rose 0.5% to $2,661.00.

"For December, support is around $2,550 and resistance at $2,700. Undertone will be bearish for a couple of weeks as we expect profit booking due to a massive rally this year," said Jigar Trivedi, a senior analyst at Reliance Securities.

Spot gold hit a record high of $2,790.15 on Oct. 31.

"The dollar is expected to rally further and we don't expect any escalation of the geopolitical tensions either."

The U.S. payrolls report is due at 1330 GMT. Non-farm payrolls likely increased by 200,000 jobs in November after rising by 12,000 in October.

Data on Thursday showed the number of Americans filing new applications for unemployment benefits rose slightly last week, pointing to steadily easing labour market conditions heading into the final stretch of 2024.

Markets currently see a 70.1% chance of a 25-basis-point Federal Reserve rate cut this month, according to the CME Group's FedWatch Tool,

Fed Chair Jerome Powell on Wednesday said the U.S. economy was stronger than it had appeared in September, when the central bank began cutting rates, allowing policymakers to potentially be a little more cautious in reducing rates further.

Higher rates dull non-yielding bullion's appeal.

Spot silver dipped 0.1% to $31.3 per ounce but is up more than 2% for the week.

Platinum rose 0.6% to $944.25 and palladium rose 1.5% to $977.25. Both metals are set for second straight weekly losses.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 157,953.47
555.47M
1.14%
1775.65
ALLSHR 96,741.22
1,957.60M
1.16%
1110.83
KSE30 48,198.94
249.79M
1.09%
520.47
KMI30 232,694.17
290.89M
1.31%
3011.94
KMIALLSHR 65,027.13
1,019.78M
1.03%
660.37
BKTi 42,489.56
84.10M
1.35%
566.75
OGTi 31,779.36
15.21M
0.14%
43.57
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,375.00 118,295.00
116,115.00
1550.00
1.34%
BRENT CRUDE 67.98 68.16
67.34
0.03
0.04%
RICHARDS BAY COAL MONTHLY 84.00 0.00
0.00
-0.40
-0.47%
ROTTERDAM COAL MONTHLY 94.50 94.50
94.50
0.95
1.02%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 63.75 63.91
63.11
0.05
0.08%
SUGAR #11 WORLD 16.15 16.27
16.13
-0.12
-0.74%

Chart of the Day


Latest News
September 18, 2025 at 04:30 PM GMT+05:00

PKR’s REER index increases to 100.1 in August


September 18, 2025 at 04:18 PM GMT+05:00

PSX Closing Bell: Marching to a Higher Beat


September 18, 2025 at 03:58 PM GMT+05:00

Pakistan, Iran agree to deepen agricultural cooperation


September 18, 2025 at 03:49 PM GMT+05:00

Kohinoor Energy Limited profit falls 55% in FY25



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg