AGL 38.00 Increased By ▲ 0.43 (1.14%)
AIRLINK 132.28 Decreased By ▼ -0.22 (-0.17%)
BOP 5.62 Decreased By ▼ -0.02 (-0.35%)
CNERGY 3.80 Increased By ▲ 0.03 (0.8%)
DCL 8.85 Decreased By ▼ -0.02 (-0.23%)
DFML 40.80 Decreased By ▼ -0.20 (-0.49%)
DGKC 88.87 Decreased By ▼ -1.29 (-1.43%)
FCCL 35.30 Increased By ▲ 0.22 (0.63%)
FFBL 66.00 Decreased By ▼ -0.50 (-0.75%)
FFL 10.40 Increased By ▲ 0.25 (2.46%)
HUBC 107.80 Increased By ▲ 1.40 (1.32%)
HUMNL 14.12 Increased By ▲ 0.72 (5.37%)
KEL 4.85 Decreased By ▼ -0.01 (-0.21%)
KOSM 6.85 No Change ▼ 0.00 (0%)
MLCF 41.99 Increased By ▲ 0.19 (0.45%)
NBP 58.73 Increased By ▲ 0.15 (0.26%)
OGDC 180.76 Decreased By ▼ -0.49 (-0.27%)
PAEL 25.60 Decreased By ▼ -0.10 (-0.39%)
PIBTL 5.82 Decreased By ▼ -0.01 (-0.17%)
PPL 146.89 Decreased By ▼ -1.51 (-1.02%)
PRL 23.30 Increased By ▲ 0.08 (0.34%)
PTC 15.55 Increased By ▲ 0.31 (2.03%)
SEARL 68.15 Decreased By ▼ -0.64 (-0.93%)
TELE 7.20 Decreased By ▼ -0.04 (-0.55%)
TOMCL 35.72 Decreased By ▼ -0.28 (-0.78%)
TPLP 7.56 Increased By ▲ 0.16 (2.16%)
TREET 14.25 Increased By ▲ 0.01 (0.07%)
TRG 50.70 Decreased By ▼ -0.15 (-0.29%)
UNITY 26.51 Increased By ▲ 0.11 (0.42%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,775 Increased By 7 (0.07%)
BR30 29,465 Increased By 65.1 (0.22%)
KSE100 92,034 Increased By 95.8 (0.1%)
KSE30 28,720 Decreased By -23.5 (-0.08%)

NEW YORK: Gold prices edged down on Friday, pressured by a stronger US dollar and Treasury yields, but a weak job growth data from the world’s biggest economy prompted analysts to increase bets for a rate cut from the Federal Reserve, limiting some losses.

Spot gold fell 0.2% to $2,736.28 per ounce by 1:55 p.m. ET (1755 GMT). Prices fell 1.5% on Thursday as some traders took profit after bullion hit a record high of $2,790.15.

US gold futures settled largely steady at 2,749.2. Nonfarm payrolls increased by 12,000 jobs last month, the smallest gain since December 2020, affected by disruptions from hurricanes and strikes by aerospace factory workers.

The dollar erased earlier losses and gained 0.4%, while benchmark 10-year US Treasury yields also rebounded from an earlier drop, making non-yielding gold less appealing.

There’s too much risk on the table ahead of the US election and also with talks of an Iranian retaliatory strike on Israel, and the terrible jobs report should bring a rate cut here by the Fed, said Bob Haberkorn, senior market strategist at RJO Futures.

Economists see a 100% chance of a 25-basis-point cut by the Fed next week, versus a 91% chance before the jobs data.

Opinion polls indicate a close race between Donald Trump and Kamala Harris in Tuesday’s US presidential election. Gold, a traditional hedge against economic and political uncertainty, tends to thrive in a low interest rate environment.

Gold prices are typically influenced by the dollar and real yields. However, current high market interest in gold is partly driven by the upcoming elections, anticipated Fed rate cuts, and broader economic and geopolitical uncertainties, Standard Chartered said in a note.

High gold prices, however, continue to affect physical demand in major Asian regions. Among other metals, spot silver lost 0.7% to $32.42 per ounce. Platinum gained 0.3% to $990.45, while palladium shed 0.4% to $1,101.25.

Comments

200 characters