5 September 2024
Gold prices are showing resilience as investors await crucial US labor market data, particularly the nonfarm payrolls report due on Friday. Recent job openings data suggesting a cooling labor market has increased expectations for aggressive Federal Reserve rate cuts, which typically benefit gold. The precious metal has gained over 20% this year, driven by anticipation of monetary easing, strong over-the-counter demand, and geopolitical tensions. While trading in a narrow range around $2,500, gold remains near its recent all-time high, supported by a weakening dollar and lower bond yields.