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Gold stays stable at $2,000 per ounce following weak US jobless data

6 Nov 2023 , 10:29 AM

Monday saw gold prices remain stable close to the crucial $2,000 per ounce mark as the dollar and bond yields declined in response to disappointing U.S. jobs data that stoked expectations that the Federal Reserve would soon stop rising interest rates.

Spot gold was hardly moved, trading at $1,990.43 per ounce, while U.S. gold futures remained stable at $1,997.60.

According to a report released by the U.S. Labour Department on Friday, the Big Three automakers in Detroit’s strikes contributed to a portion of the 150,000 jobs that nonfarm payrolls added in October—much fewer than the 180,000 jobs that were predicted.

Benchmark 10-year Treasury rates were at 4.5910% on Friday, having touched a five-week low. Meanwhile, the dollar was up 0.1% from its six-week low.

Following earlier rate decreases in the US and Europe, Asian equities experienced a fourth straight session of gains.

The CME FedWatch tool indicates that traders are currently pricing in a 95% possibility that the US Federal Reserve will maintain current interest rates in December.

The largest exchange-traded fund backed by gold in the world, SPDR Gold Trust, reported that its holdings increased by 0.20% to 863.24 tonnes on Friday from 861.51 tonnes on Thursday.

In the Middle East, Israel turned down increasing requests for a cease-fire in Gaza on Sunday, according to military experts, and soldiers are preparing to step up their operations against Hamas, a Palestinian Islamist organisation.

Spot silver decreased by 0.1% to $23.18 an ounce, palladium remained unchanged at $1,118.99, while platinum declined by 0.4% to $926.20.

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Gold and silver prices today: Yellow metal declines, yield pressure pushes  bullion below $1,900 - BusinessToday

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  • Middle East
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