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Gold prices rise after jobs report
Gold prices rose on Friday, December 6, after US jobs data spurred bets on a Federal Reserve rate cut in December. But they posted weekly losses.
US gold futures rose 0.2% to $2,654.50. Spot gold, meanwhile, was slightly higher at $2,632.53 an ounce.
US job growth picked up in November, but that may not signal a significant shift in labor market conditions that have continued to weaken steadily and allow the US Federal Reserve to cut interest rates again this month.
The US dollar and US Treasury yields fell after a labour market report showed nonfarm payrolls increased by 227,000 jobs last month after rising by an upwardly revised 36,000 in October.
Economists polled by Reuters had forecast a 200,000 gain in payrolls.
Traders now see a 91% chance of a 25 basis point rate cut at the Fed’s December meeting, compared with a 72% chance before the jobs data.
Spot silver fell 0.7% to $31.13 an ounce, but is up this week.
In other precious metals, platinum fell 0.6% to $932.30 and palladium rose 0.2% to $965. Both metals posted their second straight weekly loss.
