Gold up 1% after US jobs data lifts Fed rate cut bets: 5 key reasons behind yellow metal's appeal in 2024; Time to buy?

Spot golden roseate 0.95% to $2,330.51 per ounce by 1414 GMT. U.S. golden futures for June transportation roseate 0.74% to $2,339.40 per ounce.

The U.S. dollar scale fell 0.17% to 105.363.

Initial claims for authorities unemployment benefits accrued 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the Labor Department reported connected Thursday, compared to the 215,000 claims that economists polled by Reuters had forecast successful the latest week.

The dollar slipped against its rivals pursuing the jobs report, making golden little costly for different currency holders. 

"What we're seeing is continued interaction from the expectations for Fed complaint cuts, oregon erstwhile those complaint cuts whitethorn occur," said David Meger, manager of alternate investments and trading astatine High Ridge Futures.

The latest information indicates a flimsy weakening successful the jobs market, bolstering expectations that Fed involvement complaint cuts whitethorn hap sooner than antecedently expected, which supports markets similar golden and silver, helium added.

Lower involvement rates trim the accidental outgo of holding bullion. Traders are presently pricing successful astir a 67% accidental of a Fed complaint chopped successful September, according to the CME's FedWatch Tool.

"The miss successful the U.S. jobs data... gave golden immoderate spot here, and immoderate information buying this morning," said Bob Haberkorn, elder marketplace strategist astatine RJO Futures.

Looking ahead, capitalist attraction volition displacement to user terms scale information scheduled to beryllium released adjacent week.

Spot metallic roseate 2.9% to $28.136 per ounce, and spot platinum roseate astir 1.1% to $982.25 per ounce. Spot Palladium roseate 1.6% to $967.28 per ounce.

(Reporting by Kavya Balaraman, Editing by Franklin Paul)

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Published: 09 May 2024, 10:58 PM IST