said Jim Wyckoff, senior analyst at Kitco Metals "The rise in the US Dollar Index this week was essentially a negative external influence on the market… but the $2,000 level is likely to be the near-term floor in the gold market.".
The dollar rose 0.2 percent to hover near its highest level in more than a week, raising the cost of gold for holders of other currencies.
According to the CME Feed Watch service, after cautious comments from senior Federal Reserve officials, 61 percent of traders expect the interest rate to fall by at least 25 basis points in March, while 87 percent of them expect this to happen in May.
Commerzbank said in a note "We only expect the price of gold to rise permanently to $2,100 an ounce in the second half of 2024, when the US central bank starts cutting interest rates.".
The monthly Job Opportunities and Labor Market Turnover (JOLTS) report showed that available job opportunities in the United States fell to 8.73 million in October from 9.35 million in September, indicating a slowdown in labor demand.
Investors are also awaiting the ADP survey on private sector employment scheduled to be released tomorrow, Wednesday, before the non-farm payrolls report in the United States for November, Friday.
Regarding other precious metals, the price of silver in spot transactions fell 1.1 percent to $24.22 per ounce, while platinum fell 2.2 percent to $896.17. Palladium also fell 2 percent to $956.84 an ounce.
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Gold in spot transactions fell 0.4 percent to $2,018.29 per ounce by 1445 GMT. It rose to a record level of $2,135.40 yesterday before falling by more than $100 in one day, closing down two percent.
US gold futures fell 0.3 percent to $2,036.80.
“The rise in the US dollar index this week was essentially an external negative impact on the market… but the $2,000 level is likely to be the near-term floor in the gold market,” said Jim Wyckoff, senior analyst at Kitco Metals.
The dollar rose 0.2 percent to hover near its highest level in more than a week, raising the cost of gold for holders of other currencies.
According to the CME Feed Watch service, after cautious comments from senior Federal Reserve officials, 61 percent of traders expect the interest rate to fall by at least 25 basis points in March, while 87 percent of them expect this to happen in May.
“We only expect the (gold) price to rise permanently to $2,100 an ounce in the second half of 2024, when the US central bank starts cutting interest rates,” Commerzbank said in a note.
The monthly Job Opportunities and Labor Market Turnover (JOLTS) report showed that job openings in the United States fell to 8.73 million in October from 9.35 million in September, indicating a slowdown in labor demand.
Investors are also awaiting the ADP survey on private sector employment scheduled to be released tomorrow, Wednesday, before the non-farm payrolls report in the United States for November, Friday.
Regarding other precious metals, the price of silver in spot transactions fell 1.1 percent to $24.22 per ounce, while platinum fell 2.2 percent to $896.17. Palladium also fell 2 percent to $956.84 an ounce.
2023-12-05 16:19:34
#Gold #declines #rise #dollar #anticipation #jobs #data
