Commodities

Gold holds near 4-week low ahead of US jobs data

2021-12-03 11:17:11 GMT (Economies.com)

Gold prices held on Thursday, in limited trading near the 4-week low hit yesterday, as investors shy away from building new positions ahead of US jobs data later today.

 

Gold prices held at $1,769.25 as of 08:45 GMT, after opening at $1,768.36, and hit a day high at $1,776.52 and a low at $1,767.54.

 

Gold closed lower by 0.8% yesterday, and hit a 4-week low at $1,761.78 an ounce, as the US dollar rose.

 

Gold prices remain on track for the third straight weekly loss, due to growing chances of the US Fed accelerating the tightening of the US monetary policy.

 

Fed Chairman Jerome Powell said before the House Financial Services Committee on Wednesday that the central bank needs to be prepared to the possibility that inflation remains in the second half of 2022.

 

Powell recently asserted they're preparing for a measure to cut bonds purchases in the December meeting. 

 

Now investors await crucial US jobs report, expected to show an addition of 553 thousand in November, with unemployment down to 4.5%, and average income up 0.4%.

 

Gold stocks at the SPDR ETF fell 4.65 metric tonnes yesterday, with the total at the lowest level since last November 19 of 986.17 metric tonnes.

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