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Home Gold News Gold Prices Rise Ahead of US Jobs Data Amid Election Uncertainty

Gold Prices Rise Ahead of US Jobs Data Amid Election Uncertainty

by anna

November 1 — Gold prices increased following the largest single-day drop since July, as traders awaited crucial US jobs data and assessed potential market disruptions from the upcoming presidential election.

The price of bullion climbed by as much as 0.5%, trading near US$2,757 (RM12,082.85) per ounce, positioning the metal for a modest weekly gain. Payroll figures set to be released later today may provide further insights into the US Federal Reserve’s plans for interest rate adjustments. This comes after markets reduced expectations for aggressive rate cuts on Thursday, following an unexpected decline in new jobless claims and a rise in underlying inflation. Higher interest rates typically weigh on gold prices, as the metal does not earn interest.

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Traders are currently factoring in approximately a 90% likelihood of a quarter-point rate cut at the Fed‘s upcoming policy meeting on November 6-7.

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Gold remains up around a third this year, driven by central bank purchases and safe-haven demand amid ongoing conflicts in the Middle East and Ukraine. The uncertainty surrounding next week’s closely contested US presidential election has further enhanced its attractiveness.

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As of 2:20 PM in Singapore, spot gold rose 0.3% to US$2,752.13 per ounce, having reached an all-time high of US$2,790.10 earlier this week. The Bloomberg Dollar Spot Index was relatively unchanged. Silver and palladium prices remained steady, while platinum saw a decline.

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