Gold Edges Up as Investors Seek Fed Clues from US Data

U.S. data this week includes the job openings due later on Tuesday, the ADP employment report on Wednesday, and the payrolls report on Friday.

SEATTLE (Scrap Monster): Gold prices edged higher on Tuesday, supported by U.S. rate cut bets and geopolitical concerns, while the focus shifted to economic data due this week for clues into the Federal Reserve's interest rate path.

Spot gold was up 0.1% at $2,640.65 per ounce, as of 0810 GMT, after falling by as much as 1% on Monday. U.S. gold futures were 0.2% higher at $2,663.40.

U.S. data this week includes the job openings due later on Tuesday, the ADP employment report on Wednesday, and the payrolls report on Friday.

'The next big thing is going to be the payrolls on Friday night because it'll tell us whether the Fed is essentially going to green-light the interest rate cut in a couple of weeks,' said Kyle Rodda, financial market analyst at Capital.com.

Fed Governor Christopher Waller on Monday said, with inflation still forecast to fall to 2%, he is inclined 'at present' to support another rate cut later this month.

The comments boosted expectations of a rate cut at the Fed's Dec. 17-18 meeting to nearly 75% compared from 66% a day before.

'It seems we're just oscillating in one place until a new trigger emerges,' said Ilya Spivak, head of global macro at Tastylive.

Non-yielding gold tends to thrive in a low-interest-rate environment and during periods of geopolitical turmoil.

Driving tensions in the Middle East, the Israeli military targeted dozens of Hezbollah positions across Lebanon on Monday.

Elsewhere, spot silver gained 1.3% to $30.89 per ounce, platinum added 0.6% to $952.18 and palladium rose 1% to $991.21.

Courtesy: www.reuters.com

• Scrap Metal Recycling Market to Hit $856.2 Billion by 2032
• Rio Tinto, Sumitomo Metal Mining to Collaborate on Winu Copper-Gold Project
• KORN Recycling Implements WeSort.AI’s AI System to Prevent Fires Caused by Lithium-Ion Batteries
• December 3, 2024: Scrap Gold and Silver Prices Dipped, Platinum Up on the Index