Update prices
decreased gold In spot transactions, 0.2 percent to $2,647.49 per ounce (per ounce) by 0432 GMT. US gold futures remained unchanged at $2,667.10.
A stronger-than-expected September jobs report, released Friday, dampened expectations of a significant price cut Interest America next month, which strengthened Dollar.
Traders now see a 98 percent chance of a cut American Central Bank Interest rates by just a quarter of a percentage point next month.
“Geopolitical risks in the Middle East may support safe haven flows for the yellow metal, which limits the downside resulting from market expectations for less easing,” said Yip Jun Rong, a market analyst at IG.
Gold tends to be a preferred investment amid low interest rates and amid political and economic uncertainty.
This week, market participants will focus on the minutes of the Fed’s latest policy meeting FederalCPI and Producer Price Index data in the United States. A number of US Central Bank officials will also speak this week.
In the Middle East, Israel bombed the Gaza Strip and Hezbollah targets in Lebanon yesterday, Sunday, the eve of the first anniversary of the October 7 attacks that sparked the war.
On the other hand, the Chinese Central Bank refrained from purchasing gold for its reserves for the fifth month in a row in September.
Yip said that with gold prices approaching record high levels, China may refrain from buying more in the short term, but the trend of buying the yellow metal in general may continue due to its sensitive relations with the West and its desire to diversify its investments away from the US dollar.
As for other precious metals, it decreased Silver In spot transactions, it lost 0.2 percent to $32.11 per ounce Platinum 0.4 percent to $983.67, while it rose Palladium 0.6 percent to $1,017.63 per ounce, according to Reuters data.
