Gold Remains Close to 6-Week High

In response, rate futures priced in nearly a 90% chance of a 25 bps cut next week.

SEATTLE (Scrap Monster): Gold edged above $4,210 per ounce on Thursday, staying near a six-week high as investors grew more confident of a Federal Reserve rate cut next week.

November ADP data showed a surprising decline of 32,000 private sector jobs, well below expectations for a 10,000 gain and marking the third drop in four months.

This represents the sharpest hiring slowdown since 2023, reinforcing concerns about a cooling US labor market.

The report aligned with dovish signals from Fed officials, who emphasized the need to address slower job growth.

In response, rate futures priced in nearly a 90% chance of a 25 bps cut next week.

Investors now turn to delayed September PCE data on Friday for further clues on monetary policy.

Adding some support was a geopolitical risk premium, as US and Russia concluded talks on the Ukraine war without any breakthroughs.

Courtesy: www.tradingview.com

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