Gold Prices Fall for Second Week

6 Dec 2024 , 10:16 AM

As attention turned to the U.S. payroll data that was due later in the day, gold prices remained stable on Friday but were on track to fall for a second consecutive week.

Spot gold was flat at $2,631.60 an ounce, down roughly 0.8% so far this week. At $2,654.70, U.S. gold futures were up 0.3%.

Traders will look for clues about the trajectory of the U.S. rate cut in the U.S. payrolls report, which is scheduled at 1330 GMT.

Fed Chair Jerome Powell stated on Wednesday that policymakers may be a bit more cautious in additional rate cuts because the U.S. economy was stronger than it had seemed in September, when the central bank started lowering rates.

According to data released Thursday, the number of Americans applying for unemployment benefits increased somewhat last week, suggesting that labour market conditions are gradually improving as the final exam approaches.

The markets presently expect a 70.1% possibility of a 25 basis point Federal Reserve rate drop this month, according to the CME Group’s FedWatch Tool.

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