Gold rises after biggest daily gain since August, with US payrolls in focus
LONDON: Gold prices rose in early Asian trade on Thursday after posting their biggest daily gain since mid-August in the previous session, buoyed by a weaker US dollar, while investors awaited this week's non-farm payrolls report for clues on the Federal Reserve's policy outlook.
Gold prices surged in early Asian trade on Thursday, rising 0.6% to $4,082.76 per ounce, following their biggest daily gain since mid-August. The increase was attributed to a weaker US dollar and anticipation of the upcoming non-farm payrolls report, which could provide clues on the Federal Reserve's policy outlook. The ADP National Employment Report showed a further increase in US private payrolls growth in October, heightening investors' interest in the Fed's monetary policy stance.
The geopolitical situation, with Iran's Supreme Leader warning against any perceived concessions, also contributed to the market sentiment. Traders currently see an 83% chance of a Fed rate hike in December, which could reduce the appeal of non-yielding bullion. Among other metals, silver, platinum, and palladium also saw slight gains.
Brief written by urgent.news from New Straits Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
