{"id":8988,"date":"2023-11-03T08:09:26","date_gmt":"2023-11-03T08:09:26","guid":{"rendered":"https:\/\/infundpros.com\/markets\/commodities\/gold-prices-steady-before-nonfarm-payrolls-weekly-losses-on-tap\/"},"modified":"2023-11-03T08:09:26","modified_gmt":"2023-11-03T08:09:26","slug":"gold-prices-steady-before-nonfarm-payrolls-weekly-losses-on-tap","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=8988","title":{"rendered":"Gold prices steady before nonfarm payrolls, weekly losses on tap"},"content":{"rendered":"
\n

Investing.com– Gold prices steadied on Friday as traders hunkered down before key nonfarm payrolls data, with the yellow metal headed for a weekly loss as risk appetite improved in the wake of dovish signals from the Federal Reserve.<\/p>\n

While gold saw some relief from a drop in the and , this was largely offset by traders dumping the yellow metal in favor of more risk-driven assets, particularly stocks and currencies.<\/p>\n

Gold was also hit with some profit taking this week, after increased safe haven demand, following the onset of the Israel-Hamas war, saw bullion prices jump over 10% in October.\u00a0<\/p>\n

But traders were now pricing in a lower risk premium for gold, amid easing concerns that the conflict will spill over into the broader Middle East region. International attempts to broker a ceasefire furthered this notion.\u00a0<\/p>\n

steadied around $1,986.34 an ounce, while expiring in December were flat at $1,993.70 an ounce by 00:49 ET (04:49 GMT). Both instruments were down about 1% this week.<\/p>\n

Nonfarm payrolls in focus after Fed strikes dovish chord\u00a0<\/h2>\n

Markets were now awaiting key data for October, due later on Friday. The reading comes just a few days after the Fed and offered middling signals on its plans for more rate hikes. This spurred a rush into risk-driven assets, as markets bet that the Fed was done with its rate hike cycle, and will begin trimming rates by mid-2024.<\/p>\n

But the payrolls data will be closely watched, given that the Fed still left the door open for one more rate hike this year- although the move will largely depend on the trajectory of inflation and the labor market.<\/p>\n

While analysts expect Friday\u2019s data to show a sharp drop in payrolls, the reading has beaten expectations for six of the nine months so far in 2023, reflecting a robust U.S. labor market.\u00a0<\/p>\n

Traders kept largely clear of gold in anticipation of the reading, given that a strong print could reverse some of the dollar and Treasury losses seen this week.\u00a0<\/p>\n

Copper prices rise for second straight week, but outlook bleak<\/h2>\n

Among industrial metals, copper prices rose slightly on Friday and were set for a second straight week of gains, amid some improvement in risk appetite after the Fed decision.<\/p>\n

rose 0.2% to $3.6928 a pound, and were up more than 1% for the week.<\/p>\n

But the outlook for the red metal remained largely weak, following a string of softer-than-expected economic readings from top importer China. A private survey showed on Friday that Chinese grew less than expected in October- coming just a day after data showed a contraction in .<\/p>\n

Prices of the red metal had slumped to a near one-year low in late-October, and were still struggling to recover.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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