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Indonesia News Portal for Traders | Financial & Business Updates

4 December 2024 16:42  |

Gold dips as market awaits jobs data and Powell speech

Gold eased on Wednesday as a slight recovery in the U.S. dollar outweighed safe-haven demand while markets await U.S. jobs data and comments from Federal Reserve Chair Jerome Powell for clues on the the U.S. central bank's policy outlook.

Spot gold lost 0.1% to $2,641.79 an ounce by 0902 GMT. U.S. gold futures were down 0.2% at $2,663.70.

The dollar index reflected strength that makes dollar-priced bullion costlier for buyers with other currencies.

Traders see about a 74% chance of the Fed reducing interest rates by 25 basis points, CME Group's FedWatch Tool, opens new tab shows.

U.S. central bankers on Tuesday expressed confidence in declining inflation and hinted at support for future rate cuts without committing to immediate action.

The appeal of non-yielding bullion increases when interest rates are low.

Spot silver fell 0.6% to $30.85 an ounce, platinum lost 0.4% to $949.65 and palladium was down 0.3% at $969.05.

Source: Reuters

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