Gold Rebounds Above $3,900 as US Jobs Data Looms
Bullion recovered from a recent low, but firm US labor data and rate expectations remain headwinds ahead of Friday’s payroll report.
Key takeaways
- Gold fell to $3,893.31 on Nov. 3 before moving back above $3,900.
- US October payroll data is due Friday, Nov. 6, at 16:30 Turkey time.
Gold futures traded at $3,959.30 an ounce as of 05:16 UTC Wednesday, up 0.48% since the previous close. The price had fallen to $3,893.31 on Nov. 3 before recovering above $3,900.
US labor market strength and expectations for higher interest rates are weighing on bullion, according to Dünya. Futures markets were pricing in about a 78% chance of a Federal Reserve rate increase in December, the outlet reported.
US October payroll figures are due Friday, Nov. 6, at 16:30 Turkey time. Stronger-than-expected data could reinforce rate-hike expectations and pressure gold, while weaker figures could give prices room to recover, Dünya said.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
