Gold price rises for fourth straight day with US payrolls in focus
me-metals: Gold rose for a fourth day as traders waited for the release of US payroll figures that’ll help to shape the outlook for Federal Reserve policy this year.
According to me-metals cited from mining.com, Bullion for immediate delivery traded near $2,680 an ounce, set for a gain of more than 1% in the first full trading week of the year.
The employment report for December is expected to show moderating yet still-healthy job growth, which economists expect to carry on in 2025. Fed officials have signaled they’ll likely hold rates at current levels for an extended period, only cutting again when inflation meaningfully cools.
Gold was one of the strongest performing major commodities last year, logging a 27% gain and setting successive records as the Fed cut rates, central banks boosted their holdings, and investors sought a haven from geopolitical tensions. Lower rates tend to benefit the non-yielding metal.
With US President-elect Donald Trump due to take office on Jan. 20, investors are also weighing the likelihood of a potential trade war or other tensions that could disrupt markets and boost haven demand.
Bullion’s rise this week has come despite further strength in the US dollar and Treasury yields, both of which can act as headwinds. With traders scaling back expectations for Fed rate cuts in the first half, a gauge of the greenback is poised to eke out a sixth weekly gain. Ten-year yields, meanwhile, are trading near the highest since April.
“The rally is despite rising global yields,” Kaynat Chainwala, an analyst at Kotak Securities, said in a note. Traders fear a resurgence of inflation due to stimulus measures, fiscal reforms, and trade tariffs, she said.
Spot gold rose 0.5% to $2,680.62 an ounce as of 10:34 a.m. in London, while silver traded above $30 an ounce and was on course for a second weekly gain. Palladium and platinum also climbed.
source: mining.com
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