Gold Prices Slip Amid Dollar Weakness, Market Eyes Jobs Report

  • 📰 KitcoNewsNOW
  • ⏱ Reading Time:
  • 32 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 33%
  • Publisher: 78%

Finance News

Gold Prices,US Dollar,Federal Reserve

Gold prices declined moderately on Thursday, with the February futures contract closing at $2,653.90, down $20.30 or 0.76%. The precious metal's losses were somewhat offset by a weakening US dollar, which fell 0.58% to 105.692 on the index. Attention is now turning to the upcoming December jobs report, a key economic indicator expected to shape Federal Reserve policy decisions.

Gold prices experienced a moderate decline on Thursday, with the February futures contract settling at $2,653.90, down $20.30 or 0.76%. The precious metal's potential losses were mitigated by a concurrent weakening of the US dollar, which dropped 0.58% to 105.692 on the index.

Economists anticipate tomorrow's nonfarm payrolls report will reveal approximately 200,000 new jobs added in November. This projection is critical, as it will likely shape the Federal Reserve's approach to interest rate normalization at its final Federal Open Market Committee meeting on December 18.

If the anticipated rate cut materializes, the Fed's benchmark overnight lending rate would be reduced by a full percentage point, bringing it to a range between 4.25% and 4.50%. This strategic adjustment reflects the central bank's ongoing efforts to balance economic growth with inflation control.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines