PT Solid Gold Berjangka | Gold Rises as Dollar Weakens Ahead of Key US Jobs figures

01:05 08 December in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

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Solid Gold Berjangka | Gold climbed as the dollar fell ahead of the headline US jobs report that will guide expectations for the path of monetary policy.

Bullion traded near $2,040 an ounce after rising 0.3% in the previous session. The precious metal has settled after a tumultuous start to the week, surging to a record on Monday before a rapid retreat on signs that bets on looser monetary policy may have been too aggressive.

Investors are watching the inflation outlook carefully, with broad US labor-market data due Friday likely to give more clues on future monetary policy. Figures earlier this week showed job openings falling to the lowest level since March 2021, supporting bets the Federal Reserve will shift rapidly to rate cuts next year.

Swaps markets are still pricing in more than a 50% chance of monetary loosening at the central bank’s March meeting. Data Thursday showed initial jobless claims were in line with expectations.

Spot gold rose 0.6% to $2,038.48 an ounce as of 1:56 p.m. in London. The Bloomberg Dollar Spot Index declined 0.4%. Silver was steady, while platinum and palladium rose.

Source : Bloomberg