{"id":15207,"date":"2024-10-03T02:55:49","date_gmt":"2024-10-03T02:55:49","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15207"},"modified":"2024-10-03T02:55:49","modified_gmt":"2024-10-03T02:55:49","slug":"gold-steady-as-middle-east-tensions-rise-us-data-in-focus","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/gold-steady-as-middle-east-tensions-rise-us-data-in-focus\/","title":{"rendered":"Gold Steady as Middle East Tensions Rise, US Data in Focus"},"content":{"rendered":"\n<p><strong>Key points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold remains stable at $2,659.05 per ounce as of 0034 GMT.<\/li>\n\n\n\n<li>Market participants anticipate U.S. nonfarm payroll data to provide further insight on potential rate cuts.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>Gold prices remained steady at $2,657.13 per ounce on Thursday, as traders focused on growing turmoil in the Middle East and awaited key U.S. economic data that could influence interest rate expectations. <\/p>\n\n\n\n<p>U.S. gold futures dipped slightly by 0.05% to $2,658.47, signalling that many are still hedging against uncertainty. In light of the rising geopolitical risks, the resilience of gold reflects traders\u2019 confidence in the metal&#8217;s <a href=\"https:\/\/www.vtmarkets.com\/blog\/4-reasons-why-traders-flock-to-safe-haven-gold-during-global-political-tensions\/\">safe-haven status<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/10\/XAUUSD-3Oct-1-1024x464.jpeg\" alt=\"\" class=\"wp-image-15209\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>See: Gold prices remain steady, trading at 2657.20 as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Rising geopolitical tensions drive shift toward safe-haven assets<\/strong><\/h1>\n\n\n\n<p>Market participants remain cautious about the implications of the escalating conflict between Israel and Hezbollah, with fresh airstrikes in Beirut heightening concerns. With the death toll rising, risk sentiment has shifted, with safe assets like gold coming into focus. <\/p>\n\n\n\n<p>Any prolonged military conflict could push gold prices higher as traders seek refuge from the volatility of other assets.<\/p>\n\n\n\n<p>In addition to geopolitical risks, traders are awaiting U.S. economic data, such as ISM services data and initial jobless claims, due later in the day. On Friday, the U.S. nonfarm payrolls report will be released, which could sway expectations around another rate cut. <\/p>\n\n\n\n<p>The recent ADP National Employment report showed <a href=\"https:\/\/x.com\/AdpResearch\/status\/1841458980930912336\">U.S. private payrolls increased<\/a> by more than expected in September, suggesting the labour market remains robust.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Private sector employers added143,000 jobs in September and annual pay was up 4.7 percent year-over-year. The <a href=\"https:\/\/twitter.com\/ADP?ref_src=twsrc%5Etfw\">@ADP<\/a> National Employment Report is available at <a href=\"https:\/\/t.co\/bBTZFOwN9G\">https:\/\/t.co\/bBTZFOwN9G<\/a>. <a href=\"https:\/\/twitter.com\/hashtag\/labormarket?src=hash&amp;ref_src=twsrc%5Etfw\">#labormarket<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/economy?src=hash&amp;ref_src=twsrc%5Etfw\">#economy<\/a> <a href=\"https:\/\/t.co\/bDmXmVn1jL\">pic.twitter.com\/bDmXmVn1jL<\/a><\/p>&mdash; ADP Research (@AdpResearch) <a href=\"https:\/\/twitter.com\/AdpResearch\/status\/1841458980930912336?ref_src=twsrc%5Etfw\">October 2, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Market split on future Fed rate cuts as expectations for November decline<\/strong><\/h2>\n\n\n\n<p>The U.S. Federal Reserve\u2019s recent half-percentage-point rate cut has already acknowledged the economy&#8217;s divergence from earlier policy decisions, but traders remain divided on future rate reductions. <\/p>\n\n\n\n<p>The CME FedWatch Tool shows that market expectations for a 50-bps cut in November have decreased to 35%, down from 53% just last week. Lower interest rates generally bolster gold by reducing the opportunity cost of holding it, particularly in times of economic or political uncertainty.<\/p>\n\n\n\n<p><strong>Also read: <a href=\"https:\/\/www.vtmarkets.com\/analysis\/dollar-firms-as-traders-assess-federal-reserves-rate-path\/\">Dollar Firms as Traders Assess Federal Reserve\u2019s Rate Path<\/a><\/strong><\/p>\n\n\n\n<p>Elsewhere, Perth Mint reported gold sales in September surged to their highest in 10 months, further underscoring the renewed interest in safe-haven assets. Sales of silver also rose to a seven-month high, though spot silver dipped 0.3% to $31.76 per ounce. <\/p>\n\n\n\n<p>Platinum and palladium also posted modest gains, with platinum up 0.3% to $1,005.65, and palladium edging higher to $1,016.25.<\/p>\n\n\n\n<p><strong>Start trading now \u2014 click <\/strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices remained steady at $2,659.05 per ounce on Thursday, as traders focused on growing turmoil in the Middle East and awaited key U.S. economic data that could influence interest rate expectations. -vtmarkets.com<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[7,18],"class_list":["post-15207","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-gold","tag-policy"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15207"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15207\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}