Gold Prices Rise Slightly as Investors Await Payrolls Data
Gold prices rose 0.4% to $2,642.03 an ounce in Asian trade on Friday as investors sought more cues on U.S. interest rates from key payrolls data due later in the day, while geopolitical jitters helped spur some safe-haven demand.
The yellow metal is set for a muted finish to the week, pressured by uncertainty over the long-term direction of interest rates and resilience in the dollar. Focus is now on key nonfarm payrolls data for November, due later on Friday, which is expected to show a sharp rebound in payrolls growth from October.
Geopolitical tensions in the Middle East, between Russia and Ukraine, and the French government collapse also kept some safe-haven demand in play. The payrolls data will factor into the outlook for interest rate cuts, with strength in the labor market giving the Fed less impetus to cut interest rates.
Other precious metals also rose, with platinum rising 0.7% to $951.55 an ounce and palladium rising 1.3% to $31.935 an ounce. Copper prices were supported by reports of tighter supplies, with Chile’s Antofagasta and China’s Jiangxi Copper agreeing to lower processing fees for 2025.
The London Metal Exchange’s benchmark rose 0.5% to $9,136.0 a ton, while February copper rose 0.6% to $4.2235 a pound. China’s key economic readings and events, including inflation and trade data, are due in the coming week, offering cues on the economy and stimulus.