Gold News – 04.Sep.2024

Gold News

Gold Prices: Gold held steady at $2,493.34 per ounce on Wednesday, following a recent drop. U.S. gold futures were almost unchanged at $2,524.80.

Upcoming Economic Reports: Investors are focusing on the upcoming U.S. payrolls report, expected to show a rise of 165,000 jobs in August. Job openings data on Wednesday and employment reports on Thursday are also important.

Fed Rate Cut Expectations: Traders see a 41% chance of a 50-basis-point rate cut and a 59% chance of a 25-bp cut on Sept. 18.

Impact on Gold: Weak jobs data could increase the likelihood of a larger rate cut, which would support gold prices. However, long positioning might limit short-term gains, though long-term prices are expected to rise.

Gold’s Performance: Gold has gained 21% this year, hitting an all-time high of $2,531.60 in August, driven by rate cut expectations and geopolitical concerns.

Other Metals: Spot silver fell 0.4% to $27.94 per ounce, platinum gained 0.2% to $904.65, and palladium remained flat at $938.57.

Author : Arman Shaban
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