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Gold stays below $4,500 as markets await U.S. jobs data
Gold prices remain steady near $4,477 per ounce, with expectations of slight weekly gains. Investors are closely watching upcoming U.S. employment data, which will provide signals regarding the Federal Reserve's decision to raise or hold interest rates. This data comes at a time when Federal Reserve officials are less optimistic about increasing rates if inflation pressures continue to decrease, a move that could support higher gold prices despite the impact of rising interest rates on the non-yielding metal. The U.S. non-farm payroll report is expected to be released today, with current forecasts indicating a 50% chance of interest rate hikes, alongside a stable labor market and rising demand for safe-haven assets. Additionally, other metals such as silver, platinum, and palladium have experienced slight declines but are on track to achieve weekly gains.
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