Mumbai, 6 Sep (Commoditiescontrol): Gold prices remained stable on Friday, holding just below a one-week high, as market participants focused on upcoming U.S. jobs data that could influence the size of a widely expected rate cut later this month.
Spot gold was little changed at $2,516.00 per ounce after reaching $2,523.29 in the previous session. The metal has gained 0.5% this week and is up 22% for the year. U.S. gold futures inched up 0.1% to $2,545.70.
Gold typically thrives in a low-interest-rate environment and is often viewed as a safe-haven asset during times of uncertainty. Expectations for a 50-basis-point rate cut by the Federal Reserve on September 18 have increased to 41%, up from 34% a week ago, according to CME Group's FedWatch tool. The U.S. nonfarm payrolls (NFP) data, due at 1230 GMT, could provide further guidance.
Gold prices appear poised to test new highs, potentially reaching the $2,680–$2,700 range this year. Factors supporting this outlook include geopolitical tensions, a weakening U.S. dollar, sustained central bank buying, and uncertainty surrounding the upcoming U.S. elections.
Data released on Thursday showed that U.S. private employers hired the fewest workers in three and a half years in August, while new jobless claims fell last week.
In other precious metals, Perth Mint's gold product sales increased slightly last month, while silver sales dropped over 30% on a monthly basis. Spot silver fell 0.2% to $28.75 per ounce, platinum gained 0.4% to $928.23, and palladium edged down 0.1% to $940.11, heading for a weekly loss.
(By Commoditiescontrol Bureau: 09820130172)
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