Gold prices rise in the face of a decline in the dollar and increasing bets on a US interest rate cut

Gold rose today, amid a decline in the dollar after reports from the private sector indicated weakness in the labor market in the United States, which strengthened expectations of another cut in interest rates.

Gold rose in instant transactions 0.4 percent to $3,994.03 per ounce by 03:41 GMT, but it is heading for a weekly loss of 0.3 percent.

The precious metal has fallen by about eight percent since it recorded its highest level ever at $4,381.21 on October 20.

US gold futures for December delivery increased 0.3 percent to $4,004.40 an ounce.

Yesterday, Thursday, data showed that the US economy lost jobs in October in the government and retail sectors, while cost-cutting measures and companies’ reliance on artificial intelligence led to an increase in announced layoffs.

The dollar fell at a time when investors, who lack official data on the US labor market, focus on indicators of weakness shown by private sector surveys.

A weak labor market usually increases the likelihood of interest rate cuts.

As for other precious metals, silver rose in spot transactions by 0.7 percent to $48.31 per ounce, but it is heading for a weekly loss of 0.7 percent. Platinum fell 0.4 percent to $1,534.21 and is heading for a weekly decline of about two percent.

Palladium increased 0.3 percent to $1,379.33 and is headed for weekly gains of 0.5 percent.