Gold edged lower on Thursday as investors booked profits, taking a cautious stance ahead of next week’s U.S. Federal Reserve meeting.<\/p>\n
Hans-peter Merten | The Image Bank | Getty Images<\/p>\n
Gold\u00a0edged lower on Thursday as investors booked\u00a0profits, taking a cautious stance\u00a0ahead of next week’s U.S. Federal Reserve<\/a> meeting, while looking to upcoming data for clearer signals on the central bank’s interest rate path.<\/p>\n Spot\u00a0gold<\/a>\u00a0was down 0.2% at $4,196.96 per ounce, as of 0446 GMT. U.S.\u00a0gold\u00a0futures<\/a>\u00a0for December delivery were down 0.2% at $4,225.90 per ounce.<\/p>\n “With investors a bit cautious ahead of the FOMC meeting, the market is largely pricing that the Fed will cut by 25 basis points\u2026What the market needs now is a fresh trigger for (gold) prices to move higher,” said Soni Kumari, commodity strategist at ANZ.<\/p>\n Kumari flagged ongoing profit-taking and said any slide toward $4,000 would likely attract new buyers, given\u00a0the\u00a0precious\u00a0metal’s strong\u00a0fundamental backing.<\/p>\n U.S.\u00a0private payrolls\u00a0dropped by 32,000 in November, the sharpest fall in more than two and a half years,\u00a0the ADP\u00a0employment report showed on\u00a0Wednesday,\u00a0though still-low\u00a0layoffs\u00a0suggest the weakness may not reflect the true health of the labor market.<\/p>\n Markets now assign an 89% chance of a rate cut next week, according to CME’s FedWatch tool, while major\u00a0brokerages\u00a0also expect easing at the December 9\u201310 meeting.\u00a0<\/p>\n Lower interest rates tend to favor non-yielding assets such as\u00a0gold.<\/p>\n Focus is now on\u00a0the delayed September Personal Consumption Expenditures (PCE) Index, the Fed’s preferred inflation gauge,\u00a0which will be released on Friday.<\/p>\n Meanwhile, silver<\/a>\u00a0fell 0.4% to $58.26 after touching\u00a0a record high of $58.98 on Wednesday.<\/p>\n Silver\u00a0has risen\u00a0101%\u00a0so far this year\u00a0due to concerns about market liquidity after outflows to U.S. stocks, its inclusion in the U.S. critical minerals list and a structural supply deficit.<\/p>\n “Since mid-November, Shanghai silver inventories have run back at a low of around 531 to about 700 tons, the lowest since 2015 as exports from China have majorly\u00a0increased,”\u00a0said Ajay Kedia, director at Mumbai-based Kedia Commodities.<\/p>\n Platinum<\/a>\u00a0lost 0.9% to $1,656.15, while palladium<\/a>\u00a0slid 1.3% to $1,441.75.<\/p>\n","protected":false},"excerpt":{"rendered":"Gold edged lower on Thursday as investors booked profits, taking a cautious stance ahead of next week’s U.S.…\n","protected":false},"author":2,"featured_media":167450,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[941,357,55842,22814,42,98023,43,98024,98025,55843,55844,55841,40,38,41,39],"class_list":["post-167449","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-breaking-news-markets","tag-business-news","tag-gold-us-dollar-spot","tag-gold-comex-dec25","tag-headlines","tag-metal-commodities","tag-news","tag-palladium-us-dollar-spot","tag-platinum-us-dollar-spot","tag-precious-metal-markets","tag-precious-metals-industry","tag-silver-us-dollar-spot","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/167449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=167449"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/167449\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/167450"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=167449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=167449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=167449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}