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Written by Black Hot Fire Network on December 3, 2024
Gold futures rise as the market digests the latest U.S. economic data and its consequences for interest-rate cuts.
Futures rise 0.5% to $2,671.00 a troy ounce. Futures had initially pared gains after the release of the latest job openings and labor turnover survey, or Jolts, before recouping most losses.
The report showed job openings in the U.S. increased in October, bucking the trend for most of the past two years and pointing to a cooling labor market. Traders are waiting for further signals from the Federal Reserve on the future of easing monetary policy, XS.com’s Rania Gule says in a note.
The market is now on alert for Friday’s Nonfarm Payroll data, which will shed more light on the possibility of a December U.S. interest-rate cut. Lower interest rates typically fuel investor enthusiasm for non-interest bearing gold.
