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Gold prices rose today, Wednesday, December 6, with the decline of the dollar, and US jobs data, which was weaker than expected, reinforced bets on the end of the US Federal Reserve’s monetary policy tightening cycle.
Gold rose in instant transactions by 0.2% to $2,023.39 per ounce. US gold futures for February delivery also rose 0.2% to $2,041.
The yellow metal rose to a record level of $2,135.40 on Monday thanks to increasing bets that the US Federal Reserve would lower interest rates, before falling more than $100 in the same session due to uncertainty about the timing of easing monetary policy.
Data on Tuesday showed that job openings in the United States fell to the lowest level in more than two and a half years in October, indicating that higher interest rates are weakening demand for labor.
The dollar index fell 0.1% against a basket of currencies, after rising to its highest level in two weeks yesterday, Tuesday, making gold less expensive for holders of other currencies.
The focus now turns to November non-farm payrolls data released on Friday which could provide further clues on US interest rate expectations ahead of the Fed’s meeting next week.
As for other precious metals, silver rose 0.5% to $24.24 an ounce, while platinum increased 0.1% to $900.31. Palladium rose 0.6% to $940.14 an ounce, hovering near its lowest level in five years.
