Gold Steady Awaits US Jobs Data
Gold prices moved steadily in Friday morning trading, as market participants awaited the release of US jobs data, which is expected to provide clues about the direction of interest rates this year. The strengthening US dollar limited gold's upside.
Gold bullion traded virtually unchanged at around US$4,475 per troy ounce, after rising about 3.4% over the week to Thursday. This weekly gain indicates that buying interest remains strong, although the market is becoming more cautious.
Mild pressure emerged after US initial jobless claims data for the week ending January 3 came in slightly lower than expected. This better figure signals that the labor market remains quite solid.
Meanwhile, the Bloomberg Dollar Index has risen about 0.5% since the start of the year. A stronger dollar typically makes gold more expensive for buyers outside the US, potentially dampening demand.
The main focus now turns to the December nonfarm payrolls report, due out Friday. The market expects hiring to increase, while the unemployment rate remains relatively stable—a combination of signals that is not considered sufficient to prompt the Fed to rush further interest rate cuts.
Among other precious metals, silver fell around 0.5% after two consecutive sessions of decline, but still has a chance of closing higher for the week. Platinum and palladium also moved slightly lower, following market sentiment. (asd)
Source: Newsmaker.id
