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Gold Steady as Markets Await U.S. Payroll Data and Interest Rate Forecast in Focus

Gold (XAUUSD) prices remained largely unchanged, while U.S. gold futures edged slightly lower. This steady movement reflects a cautious mood as traders anticipate the upcoming U.S. nonfarm payroll data. The focus remains firmly on how this labour data could influence the Federal Reserve’s next move, with probability of a 25-basis-point interest rate cut in November, according to CME’s FedWatch tool. Bullion, known for performing well in a low-rate environment, could see more activity depending on how the Fed reacts to the data. Recent U.S. economic indicators have been mixed, with strong growth in the services sector offset by weaker employment data, suggesting some cooling in the labour market. Read more to find out how will gold trend.

how will gold trend

Disclaimer:

Market participants are awaiting not only the U.S. payroll data but also speeches from Federal Reserve officials, which could provide additional insights into the Fed’s thinking. Risk management is advised to complement these releases closely for further indications of market trends.

Publication date:

2024-10-05 17:01:51 (GMT)

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