Gold prices remain flat

3 May 2024 , 10:10 AM

Spot gold price in early trade today was almost unchanged at $2,302.51 an ounce. This week, prices decreased by more than 1%.  U.S. gold futures remained unchanged at $2,310.40.

At 12:30 GMT, the non-farm payrolls report is due.

The US Federal Reserve maintained its interest rate policy on Wednesday and said that it is still inclined to eventually lower borrowing costs. However, it raised concerns about recent weak inflation data, which may delay the rate decreases.

Although gold is seen as an inflation hedge, owning the non-yielding asset becomes less appealing due to rising interest rates.

According to data released on Thursday, the number of Americans submitting new claims for unemployment benefits remained stable at a low level during the previous week, suggesting that there is still a labour shortage that will support the economy in the second quarter.

The largest exchange-traded fund backed by gold in the world, SPDR Gold Trust, reported that its holdings decreased by 0.17% to 829.60 tonnes on Thursday from 831.04 tonnes on Wednesday.

Spot silver dropped 0.2% to $26.65 an ounce, marking a nearly 2% weekly decline.

Platinum was on track for a weekly gain, rising by almost 0.8% to $957.15. Palladium rose to $937.57, up 0.2%.

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