Gold Nears Record Highs
Gold rose above $4,340 an ounce on Wednesday, nearing October’s record highs, as investors bet on further Fed easing and sought safe havens amid renewed geopolitical tensions.
Fed Governor Waller said rates could be up to a percentage point lower, citing near-stalled job growth and a cooling labor market.
Earlier in the week, US labor data reinforced signs of a cooling job market. The unemployment rate climbed to 4.6%, its highest level since 2021, while a larger-than-expected increase in payrolls in November failed to fully offset October’s sharp slowdown.
Meanwhile, geopolitical risks resurfaced after President Donald Trump ordered a “total and complete” blockade of sanctioned Venezuelan oil tankers, following last week’s seizure and a US military buildup. Adding further pressure, Russian President Putin signaled clearly on Wednesday that he has no intention of easing his demands for Ukraine to surrender territory, even as US President Trump steps up efforts to broker peace.
Source: Tradingeconomics.com