Gold price shows little reaction to jobs data
Gold recovered some of its losses on Friday after tumbling from fresh record above $2,800 an ounce on the day before. In morning trade gold for delivery in December exchanged hands for $2,756.90 showing little…
From the Lithium News archive. This article dates from Nov 2, 2024 and is preserved as first published.
Gold recovered some of its losses on Friday after tumbling from fresh record above $2,800 an ounce on the day before.
Steeper rate cuts would bode well for the non-interest-bearing bullion. Earlier this week, fresh data showed overall inflation in the US came in at 2.1%, the lowest since early 2021 and just above the central bank’s 2% goal.
On Thursday the precious metal suffered its biggest one-day drop since July to settle at $2,749 an ounce but remains on course for a weekly gain.
On Thursday the precious metal suffered its biggest one-day drop since July to settle at $2,749 an ounce but remains on course for a weekly gain.
Gold is up more than a third this year, buoyed by global central bank buying and haven demand amid conflicts in the Middle East and Ukraine.
The recent advance had taken the metal’s 14-day relative-strength index above 70, a level that can suggest the market has become overbought, according to Bloomberg analysis.
The tight US presidential race is also creating uncertainty that’s underscoring bullion’s role as a place of safety for investors. The Nov. 5 election may open gold up to a correction of more than $100 an ounce, said Ole Hansen, head of commodity strategy at Saxo Bank A/S.
