Khaberni - Gold prices declined on Thursday amidst a rising dollar and receding expectations of a Federal Reserve interest rate cut in December, while investors await a U.S. jobs report.
Gold fell in spot transactions by 0.1% to $4077.13 per ounce by 03:05 Greenwich Mean Time. Futures contracts for December delivery in the U.S. also declined by 0.2% to $4075.80 per ounce.
The dollar index rose to its highest level in more than two weeks against major currencies, making gold more expensive for holders of other currencies.
According to the CME’s FedWatch tool, traders now expect approximately a 33% chance of a rate cut at the central bank meeting on December 9-10, down from 49% the previous Wednesday.
Gold, which yields no returns, typically rises in low-interest rate environments and during times of economic uncertainty.
Focus is now on the U.S. non-farm payroll report for September, which is expected to be released later today after being delayed due to the recent U.S. government shutdown. The data is anticipated to provide more indicators on the path of central bank policy.
In terms of other precious metals, silver in spot transactions increased by 0.2% to $51.44 per ounce, platinum rose by 0.9% to $1559.54, and palladium climbed by 1.1% to $1395.37.
