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Gold stops after a nine-session losing skid on anticipation of US payrolls data

06 Oct,2023
Gold stops after a nine-session losing skid on anticipation of US payrolls data

After slipping for nine consecutive sessions, gold stabilized on Friday close to a seven-month low as investors waited with baited breath for U.S. nonfarm payrolls data that might determine whether interest rates will be further increased.

Spot gold muted at $1,820.35 per ounce by meanwhile U.S. gold futures edged up by 0.1% to $1,834.10 per ounce. Since September 25, prices have closed lower every day of trading, adding 1.5% further losses this week.

Demand for non-yielding, dollar-priced gold decreased as U.S. 10-year bond rates stayed close to 16-year highs and the U.S. dollar continued its upward trend.

On Thursday, Federal Reserve officials expressed little fear that the recent increase in U.S. Treasury yields may jeopardize a "soft landing" for the economy and suggested that it might even benefit the institution in its combat against inflation.

According to data released on Thursday, while layoffs decreased in September, the number of Americans submitting new claims for unemployment benefits increased somewhat the previous week.

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