GOLD increases and decreases in opposite directions
The world gold price listed on Kitco is at 2,633 USD/ounce, up 3 USD/ounce compared to early yesterday morning. Gold futures last traded at 2,654.6 USD/ounce, down 0.5 USD compared to yesterday morning.
Gold prices fluctuated slightly on Friday (December 6), marking the second consecutive week of decline. The precious metal has lost about 0.5% of its value this week, after hitting its lowest level since November 26 in early trading.
During the day, gold prices barely reacted to the jobs data expected last week. The latest report shows that although job growth remains fairly stable, signs of weakness have begun to appear in the US labor market.
According to the US Bureau of Labor Statistics, 227,000 new jobs were created last month, far exceeding experts' expectations. However, the unemployment rate increased to 4.2%, higher than 4.1% last month. Economists predict this ratio will remain unchanged.
Although job growth remains strong, economists say the latest data will not stop the US Federal Reserve (Fed) from cutting interest rates by 25 basis points at its upcoming meeting. However, some analysts note that the Fed's easing cycle could run into trouble if job growth extends into 2025.
Gold prices may test the support level of 2,550 USD/ounce and the resistance level of 2,700 USD/ounce in December 2024. The trend in the next few weeks is that gold prices may decrease due to profit-taking activities.
Regarding the medium-term trend, the support level of gold prices remains firm, but it is unlikely that there will be a strong breakthrough in the upward direction in the near future.
Gold prices benefit from lower yields, continued rising geopolitical risks and uncertainty surrounding future policy implementation and global impact under the Trump administration.
Gold prices fluctuated slightly on Friday (December 6), marking the second consecutive week of decline. The precious metal has lost about 0.5% of its value this week, after hitting its lowest level since November 26 in early trading.
During the day, gold prices barely reacted to the jobs data expected last week. The latest report shows that although job growth remains fairly stable, signs of weakness have begun to appear in the US labor market.
According to the US Bureau of Labor Statistics, 227,000 new jobs were created last month, far exceeding experts' expectations. However, the unemployment rate increased to 4.2%, higher than 4.1% last month. Economists predict this ratio will remain unchanged.
Although job growth remains strong, economists say the latest data will not stop the US Federal Reserve (Fed) from cutting interest rates by 25 basis points at its upcoming meeting. However, some analysts note that the Fed's easing cycle could run into trouble if job growth extends into 2025.
Gold prices may test the support level of 2,550 USD/ounce and the resistance level of 2,700 USD/ounce in December 2024. The trend in the next few weeks is that gold prices may decrease due to profit-taking activities.
Regarding the medium-term trend, the support level of gold prices remains firm, but it is unlikely that there will be a strong breakthrough in the upward direction in the near future.
Gold prices benefit from lower yields, continued rising geopolitical risks and uncertainty surrounding future policy implementation and global impact under the Trump administration.
Note
Precious metal prices increased 0.6%, trading below 2,650 USD/oz, after the PBoC's announcement to buy 160,000 ounces of gold last month.Note
The market predicts that the Federal Reserve (Fed) will reduce interest rates by about 25 basis points by the end of the year. This expectation helps reduce US bond yields and lower inflation forecasts. The USD and bond yields fell after the jobs report, but this downward trend was only short-term.Note
Gold broke out to 2,674 USD/ozNote
World gold price recorded 2,662.73 USD/ounce in the first trading session of the week, increasing sharply and reaching a 2-week high of 2,680 USD/ounce, boosted by the information that the Central Bank of China (PBOC) rotated Return to buying gold reserves after 6 months of pause and expect the Fed to cut interest rates at next week's meeting.Note
⚫At the end of the Asian session on December 10, spot gold price fluctuated around 2,670 USD/ounce, up about 10 USD during the day.Note
🔴Spot gold reached 2,701 USD/ounce, the highest level in two weeks, up 0.24% on the day.
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