{"id":15590,"date":"2024-11-01T02:31:47","date_gmt":"2024-11-01T02:31:47","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15590"},"modified":"2024-11-01T02:31:47","modified_gmt":"2024-11-01T02:31:47","slug":"gold-steadies-pending-key-u-s-jobs-report","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/gold-steadies-pending-key-u-s-jobs-report\/","title":{"rendered":"Gold Steadies Pending Key U.S. Jobs Report"},"content":{"rendered":"\n<p><em>Listen to the article here:<\/em><\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/11\/15590.mp3\"><\/audio><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold steadies after a sharp dip at $2,747.<\/li>\n\n\n\n<li>94% likelihood of a quarter-point Fed rate cut next week fuels safe-haven demand.<\/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 stable on Friday as traders turned their attention to the upcoming U.S. nonfarm payrolls report, a crucial indicator for gauging the likelihood of an expected Federal Reserve rate cut this month.<\/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\">Gold was steady after its biggest one-day drop since July, as traders took profits near record-high levels and strong US data weakened the case for further monetary easing <a href=\"https:\/\/t.co\/eyP5pIDmXC\">https:\/\/t.co\/eyP5pIDmXC<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1852134819607503345?ref_src=twsrc%5Etfw\">October 31, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>U.S. consumer spending data from Thursday painted a picture of steady economic resilience, with slightly higher-than-expected growth in September boosting hopes of sustained strength going into the year\u2019s end.<\/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\/11\/image-1024x443.jpeg\" alt=\"\" class=\"wp-image-15591\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: Gold prices steady at $2,747, as bearish momentum persists with potential for further consolidation, as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\" title=\"\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p>The chart shows the pronounced drop gold took in recent sessions, but we&#8217;re seeing a settle near $2,747 after hitting an intraday low of $2,731.<\/p>\n\n\n\n<p>This downward movement underscores the current market dynamics, where gold\u2019s traditional role as a safe-haven asset appears dampened amid broader economic pressures.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">U.S. Data Weighs In<\/h2>\n\n\n\n<p>Meanwhile, U.S. unemployment claims dropped as hurricane-related disruptions faded, easing some pressure on the labour market.<\/p>\n\n\n\n<p>The upcoming U.S. nonfarm payrolls report, due later in the day, is expected to offer insights into the health of the labour market, which could influence the Fed\u2019s decision on rates at its meeting next week.<\/p>\n\n\n\n<p>Traders are currently betting on a 94% chance of a quarter-basis-point rate cut, according to the CME FedWatch tool, as the Fed aims to keep inflation in check while supporting employment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Election Jitters Keep Traders on Edge<\/h2>\n\n\n\n<p>The U.S. presidential election on Tuesday also <strong><a href=\"https:\/\/t.co\/rUTgaH45G4\">adds an extra layer of uncertainty<\/a><\/strong>, with opinion polls showing a tight race. This political backdrop could boost safe-haven assets like gold as traders brace for potential volatility.<\/p>\n\n\n\n<p><strong>See also: <a href=\"https:\/\/www.vtmarkets.com\/analysis\/us-election-fuels-gold-rally-amid-fed-rate-cut-bets\/\">US Election Fuels Gold Rally Amid Fed Rate Cut Bets<\/a><\/strong><\/p>\n\n\n\n<p>With inflation slightly above the Fed\u2019s 2% target and easing wage growth, a rate cut appears more likely as a means to provide additional support to the labour market.<\/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\">Fed seen on track to cut rates next week and in December <a href=\"https:\/\/t.co\/K1lxWPpCB5\">https:\/\/t.co\/K1lxWPpCB5<\/a> <a href=\"https:\/\/t.co\/hn4fKS8Uzd\">pic.twitter.com\/hn4fKS8Uzd<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1852054200957493618?ref_src=twsrc%5Etfw\">October 31, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Gold, typically favoured in low interest rate environments, remains a preferred asset during periods of economic uncertainty, given its value-retention properties.<\/p>\n\n\n\n<p>With key data on the horizon, including U.S. manufacturing figures and payrolls data later today, traders will be watching closely as these numbers could shape the Fed\u2019s next moves and further impact gold\u2019s trajectory as a safe-haven asset.<\/p>\n\n\n\n<p><strong>Start trading now \u2014 click <\/strong><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\">here<\/a><\/strong><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold steadies ahead of U.S. nonfarm payrolls data and possible Fed rate cut, with traders eyeing economic indicators and election uncertainties. &#8211; 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":[7,46],"class_list":["post-15590","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-gold","tag-precious-metals"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15590","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=15590"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15590\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}