Gold prices rise
Spot gold rose 1.1% to $4,112.50 per ounce on Wednesday. US gold futures for December delivery gained to $4,112.90 per ounce. The rise shows investors are looking for safety as global markets react to economic uncertainty.
Investors watch Fed closely
Traders are waiting for the Federal Reserve’s October meeting minutes and the delayed September jobs report. Economists polled by Reuters expect the September report to show 50,000 new jobs were added in that month. These reports are important because they may influence whether the Fed raises, keeps, or cuts interest rates.
Analyst's take
“After rebounding from the psychological $4,000 level in the previous session, gold is slightly glittering this morning amid the cautious mood,” said Lukman Otunuga, senior research analyst at FXTM. He added that if US data supports lower interest rates, gold could rise toward $4,130–$4,200. On the other hand, strong data or hawkish Fed statements could bring it back near $4,000.
Labor data could determine next moves
Recent data shows Americans filing for unemployment benefits reached a two-month high in mid-October, adding to market uncertainty. Zain Vawda, analyst at MarketPulse by OANDA, noted that weak labor data could spur a gold rally, while stronger data or signs of labor market resilience may pressure prices and even trigger a break below the key psychological support of $4,000 an ounce. Market expectations for a December rate cut have dropped from 63% last week to just over 46%, according to the CME FedWatch tool.
Other metals' price rise, too
Spot silver rose 3.1% to $52.27 per ounce. Platinum increased 2.1% to $1,566.32, and palladium climbed 2.4% to $1,433.46.
