Mumbai, 06 Dec (Commoditiescontrol): Gold prices remained stable on Friday but were poised for a second consecutive weekly decline as investors awaited key U.S. payroll data for signals on the Federal Reserve’s monetary policy trajectory.
Spot gold was unchanged at $2,631.60 per ounce, reflecting a weekly drop of 0.8%. Meanwhile, U.S. gold futures edged up 0.3% to $2,654.70.
Market attention is firmly on the U.S. non-farm payrolls report, expected later in the day. Analysts forecast an increase of 200,000 jobs in November, following a modest rise of 12,000 jobs in October—the smallest monthly gain since December 2020, according to a Reuters survey.
Labor market data released on Thursday showed a slight uptick in initial unemployment benefit claims, signaling gradual easing of labor market conditions as the year draws to a close.
The FedWatch Tool by CME Group suggests a 70.1% probability of a 25-basis-point rate cut by the Federal Reserve this month. However, Fed Chair Jerome Powell indicated earlier this week that the U.S. economy is performing stronger than anticipated when rate reductions began in September. This strength, he noted, might allow the Fed to proceed cautiously with further rate cuts.
Higher interest rates tend to reduce the appeal of gold, which offers no yield.
In other metals, spot silver remained flat at $31.31 per ounce, marking a weekly gain, while platinum slipped 0.3% to $935.99 and palladium rose 0.3% to $965.85. Both platinum and palladium were on track for their second consecutive week of losses.
(By Commoditiescontrol Bureau: 09820130172)
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