Gold prices moved very little on Thursday as Investors, according to a Reuters report, awaited the US job numbers, which could affect when the Federal Reserve will cut interest rates. Spot gold dropped 0.1% to $3,352.59 an ounce by 0801 GMT. US gold futures rose 0.1% to $3,363.10, as per Reuters report.
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“Gold is looking for new triggers,” said WisdomTree commodities strategist Nitesh Shah. “We had slightly weak ADP data that could potentially point to a little bit of weakness in underlying labour markets, which has been a little bit of a support for gold, but the non-farm payrolls could be a trigger point later.”
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Data from ADP showed that US private payrolls fell by 33,000 in June. However, it was the first drop in over two years. The US jobs report comes out Thursday at 12:30 GMT and is expected to show 110,000 jobs were added in June, fewer than the 139,000 added in May.
Also Read: Silver prices in US today: Holding above $36 per ounce, may go higher soon
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US stocks rose to record highs after President Donald Trump said a new trade deal was reached with Vietnam. The deal includes a 20% tariff on exports to the US Trump also said he’s hopeful about a possible trade deal with India.
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US stocks rose to record highs after President Donald Trump said a new trade deal was reached with Vietnam. The deal includes a 20% tariff on exports to the US Trump also said he’s hopeful about a possible trade deal with India.
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ANZ analysts said in a note, “More trade deals at lower tariffs could build some confidence that inflation will remain benign, thus allowing the Fed to ease monetary policy,” per the outlet.
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ANZ analysts said in a note, “More trade deals at lower tariffs could build some confidence that inflation will remain benign, thus allowing the Fed to ease monetary policy,” per the outlet.
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Gold often does well when interest rates are low and during times of economic or political uncertainty. Since it doesn’t pay interest, it becomes more attractive when borrowing costs are lower.
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Gold often does well when interest rates are low and during times of economic or political uncertainty. Since it doesn’t pay interest, it becomes more attractive when borrowing costs are lower.
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In other metals, spot silver rose 0.1% to $36.93 an ounce. Platinum stayed flat at $1,417.85, close to its highest level in over 10 years, which it reached last week. Palladium was up 0.1% at $1,155.97.