Gold News – 09.Sep.2024

Gold News

Gold Prices: Gold held steady near $2,500 per ounce as the market speculated on the Federal Reserve’s upcoming interest rate decision.

US Jobs Report: The US added fewer jobs than expected, with downward revisions for June and July, though the unemployment rate dropped to 4.2%, and wage growth exceeded expectations at 0.4%.

Fed’s Stance: New York Fed President John Williams indicated that the current economic conditions support lowering interest rates due to progress on inflation and a cooling labor market.

Rate Cut Expectations: Markets are divided on whether the Fed will cut rates by 25 or 50 basis points in its upcoming meeting, but there is an expectation of a total of 125 basis points in cuts over the remaining meetings this year.

Impact on Gold: A less restrictive monetary policy is favorable for gold as it reduces the opportunity cost of holding non-interest-bearing assets like bullion.

Author : Arman Shaban
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