Gold News – 03.Oct.2024

Gold News

Gold Prices: Eased below $2,650/oz, extending a pullback from record highs.

US Labor Market: Strong data with 254K nonfarm payrolls in September (vs. 14K expected) and unemployment fell to 4.1%.

Impact on Fed Policy: The strong labor data reduced the likelihood of aggressive rate cuts, alleviating concerns about a weakening labor market.

Interest Rates and Gold: Lower rates decrease the opportunity cost of holding gold, influencing its price movement.

Upcoming Events: Focus on Fed meeting minutes (Wednesday) and CPI report (Thursday) for further direction.

Safe-Haven Demand: Increasing geopolitical tensions in the Middle East are supporting gold’s safe-haven appeal.

Author : Arman Shaban
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