Gold price recovers after the biggest drop since July: what's happening on the market
Kyiv • UNN
The gold price rose by 0.5% to $2757 per ounce after a significant drop. The market is reacting to expectations of US employment data and the upcoming presidential election.
Gold rose in price - after the biggest one-day drop since July - as traders awaited key US employment data and weighed the potential market situation ahead of the US presidential election, Bloomberg reports, UNN writes.
Details
Gold rose by 0.5% to around $2757 per ounce, which led to a slight increase in the metal's price on a weekly basis. US payrolls data due later on Friday may provide further clues as to the trajectory of the Fed's policy easing after markets discounted bets on an aggressive interest rate cut on Thursday following an unexpected drop in new jobless claims and a rise in core inflation. Higher rates tend to weigh on gold, which does not earn interest.
The precious metal is still on track to rise by about a third this year, supported by central bank buying and demand as a safe-haven asset amid conflicts in the Middle East and Ukraine, the publication writes.
Spot gold rose 0.3% to $2752.13 an ounce as of 14:20 in Singapore after hitting an all-time high of $2790.10 earlier this week. The Bloomberg Dollar Spot Index remained unchanged. Silver and palladium were also almost unchanged, while platinum fell.
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