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Gold Steady Ahead of U.S. Jobs Data, Poised for Weekly Gain

10 Jan 2025 8:57 am
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MUMBAI, 10 Jan (Commoditiescontrol): Gold prices held steady in early Asian trading on Friday, positioning the precious metal for its strongest weekly performance since mid-November. Investors are keeping a close eye on the upcoming U.S. jobs report to gauge how aggressively the Federal Reserve may adjust interest rates in 2025.

Spot gold remained unchanged at $2,670.16 per ounce, while U.S. gold futures edged up 0.1% to $2,694.50. So far, gold has gained more than 1% this week, supported by safe-haven demand and anticipation of economic shifts under President-elect Donald Trump's incoming administration.

The market’s attention is firmly on the non-farm payrolls report, set to be released at 8:30 a.m. ET. Analysts surveyed by Reuters expect December payrolls to have risen by 160,000 jobs, following November's sharp increase of 227,000. The labor data is likely to influence the Federal Reserve’s stance on interest rates, which could shape gold's trajectory in the coming months.

Gold reached a nearly four-week high in the previous session, bolstered by investor concerns about inflation and economic uncertainty. President-elect Trump, who will take office on January 20, has proposed tariffs and protectionist policies that many expect could drive inflation higher.

Meanwhile, Kansas City Federal Reserve President Jeff Schmid indicated on Thursday that the Fed might be cautious about cutting interest rates further, given the resilience of the U.S. economy and inflation levels that remain above the central bank's 2% target. Gold, traditionally seen as a hedge against inflation, faces reduced appeal in a high-interest-rate environment due to its non-yielding nature.

In China, the world’s largest gold consumer, December’s consumer inflation slowed, while producer price deflation persisted. This comes as Beijing ramps up policy measures to support a faltering economy, adding another layer of uncertainty to global markets.

Other precious metals showed mixed trends. Spot silver slipped 0.1% to $30.12 per ounce, while platinum fell 0.1% to $957.98. Palladium, however, gained nearly 1%, reaching $934.28. Despite the minor fluctuations, all three metals are on track for weekly gains, reflecting strong demand across the broader precious metals market.

As economic and policy developments unfold, gold and other precious metals remain closely tied to inflation trends, interest rate expectations, and geopolitical factors shaping global markets.

(By Commoditiescontrol Bureau; +91 98201 30172)


       
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