Gold Above $4,100 As U.S. Job Market Weakness Reinforces Rate-Cut Bets
Gold prices hold above the $4,100 mark on signs of weakness in the U.S. labor market and as Congress moves closer to ending the government shutdown.
In early trading, futures in New York rise 0.3% to $4,128.70 a troy ounce, while spot gold is up 0.1% to $4,131 an ounce. New private-sector data showed U.S. firms were shedding 11,250 jobs a week through late October, reinforcing expectations for further interest-rate cuts this year.
Meanwhile, "the imminent reopening of the government is expected to restore access to official economic data, providing clarity for future monetary policy decisions," Soojin Kim from MUFG says.
The precious metal continues to trade 56% higher this year, supported by central-bank buying and its appeal as a hedge against global uncertainties
Source : Dowjones.com
