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Gold traded flat above $2,000, eyes are on nonfarm payroll

08 Dec,2023
Gold traded flat above $2,000, eyes are on nonfarm payroll

Friday's Asian trade saw little change in gold prices, remaining above critical levels as investors awaited the release of potentially weaker U.S. nonfarm payrolls data, that will be released ahead of Fed meeting.

Spot gold muted at $2,030.26 per ounce, while gold futures steadied at $2,046.05 per ounce.

On Monday, both instruments reached all-time highs above $2,100 an ounce, but they quickly gave back the majority of those gains.

In the early part of the week, demand for safe haven assets and rate-cut bets combined to propel the yellow metal to all-time highs.

However, the record highs were lost just as quickly as they were attained when traders cashed in on profits in the face of considerable uncertainty surrounding US monetary policy.

Nevertheless, the yellow metal has now held the $2,000 per ounce mark for almost three weeks, suggesting heightened hope for the future of gold in the months ahead.

Markets are looking for softer readings when nonfarm payrolls are seen. The nonfarm payrolls figures for November, which are expected later on Friday, were now the main focus.

 

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