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Gold steady within $40 range; focus shifts to jobs report
05-Dec-2024, 02:10
Gold remained range-bound this week, trading within a $40 range as markets awaited key payroll data. Despite a weaker dollar, with the index at 106.1, gold showed limited movement, while silver saw gains. Fed Chair Jerome Powell signaled no rush to cut rates, citing robust growth, a strong labor market, and persistent inflation. Geopolitical tensions, including South Korea's political turmoil and potential conflict in the Middle East, continued to support gold's safe-haven appeal. On MCX, bullion futures slipped ₹200 to ₹76,900, with supports at ₹76,700 and ₹76,450. Investors await Friday's November jobs data for further clarity on the Fed's policy outlook.
Gold remained range-bound this week, trading within a $40 range as markets awaited key payroll data. Despite a weaker dollar, with the index at 106.1, gold showed limited movement, while silver saw gains. Fed Chair Jerome Powell signaled no rush to cut rates, citing robust growth, a strong labor market, and persistent inflation. Geopolitical tensions, including South Korea's political turmoil and potential conflict in the Middle East, continued to support gold's safe-haven appeal. On MCX, bullion futures slipped ₹200 to ₹76,900, with supports at ₹76,700 and ₹76,450. Investors await Friday's November jobs data for further clarity on the Fed's policy outlook.
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