Gold stabilizes amid anticipation of US data

Gold prices stabilized today, as investors await data on wages in the United States, tomorrow, to obtain more signals about the course of the Federal Reserve’s monetary policy.

By 00:27 GMT, gold in spot transactions recorded $2,648.89 per ounce, and US gold futures contracts fell 0.1 percent to $2,672.60.

The US wages report is scheduled to be released tomorrow, Friday, followed by inflation data for November next week.

According to the FedWatch tool, markets currently expect a 79.3 percent chance of a 25 basis point cut in interest rates this month and 85 basis points by the end of 2025.

Yesterday, Federal Reserve Chairman Jerome Powell said that the economy is stronger than the central bank expected in September when it began cutting interest rates, an apparent indication of his support for reducing the pace of cuts in the future.

As for other precious metals, silver fell 0.1 percent to $31.31 per ounce, platinum fell 0.2 percent, recording $939.07, and palladium lost 0.3 percent, recording $975.48.