Gold Prices Dip Ahead of US Data

29 Nov 2024 , 09:06 AM

As markets awaited important U.S. economic data that could impact bullion demand and the Federal Reserve’s monetary policy stance, gold traded flat on Friday and was on track for a weekly fall.

Spot gold dropped 0.1% to $2,637.71 an ounce. Bullion’s decline this week has been close to 3%.

The price of U.S. gold futures dropped 0.1% to $2,636.80.

Next week’s key U.S. data, which could shed light on the Fed’s path towards rate cuts, includes the jobs report, the ADP employment report, and job vacancies.

Due to Thursday’s Thanksgiving holiday closure of U.S. markets, trading was light.

In the meanwhile, statistics released on Wednesday indicated that the Fed may proceed cautiously with additional cuts as progress in reducing U.S. inflation appeared to have halted in recent months.

The markets presently expect a 62.8% possibility of a 25 basis point cut by the Fed in December, according to the CME Group’s FedWatch Tool.

In terms of geopolitics, the Israeli military reported that its air force hit a Hezbollah mid-range rocket storage facility in southern Lebanon on Thursday after both sides accused one another of violating a ceasefire intended to end more than a year of conflict.

For feedback and suggestions, write to us at [e-mail]