Gold prices steady with nonfarm payrolls in focus

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Gold prices steady with nonfarm payrolls in focus

^{Published on 2025-01-10 09:21:01 - Investing}

Spot gold rose 0.1% to $2,672.12 an ounce, while gold futures expiring in February rose 0.2% to $2,695.74 an ounce by 23:58 ET (04:58 GMT). Spot prices were trading up about 1.5% this week, as increased economic uncertainty spurred some safe haven demand for the yellow metal.

Gold prices remained stable as investors awaited the U.S. nonfarm payrolls data, which could influence the Federal Reserve's future interest rate decisions. The market's attention was particularly on whether the employment figures would signal a cooling labor market, potentially affecting the Fed's monetary policy. Spot gold was slightly up at $2,305.09 per ounce, while U.S. gold futures saw a marginal decrease. Analysts noted that a strong jobs report might lead to expectations of sustained or higher interest rates, negatively impacting gold prices due to its non-yielding nature. Conversely, weaker-than-expected data could bolster gold as a safe-haven investment. Additionally, recent comments from Fed officials and economic indicators like the ADP employment report and weekly jobless claims were also considered in the market's assessment.

Read the Full Investing Article at:
[ https://uk.investing.com/news/commodities-news/gold-prices-steady-with-nonfarm-payrolls-in-focus-3868042 ]

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