Gold spot prices rose 0.9% to $2,524.45 per ounce in early trading on August 30. US gold futures also increased by 0.9%, reaching $2,560.30.
Everett Millman, the chief market analyst at Gainesville Coins, commented: “The market is expecting the Fed to cut rates no matter what. The biggest question now is the scale of the cut.”
Millman added that, at least until the next meeting of the US Federal Reserve, the gold market would likely move sideways, with strong support levels due to geopolitical tensions. Gold is often seen as a safe haven investment during times of economic and geopolitical uncertainty.
Prior data showed a decrease in initial US jobless claims for the previous week. The Labor Department further suggested that the unemployment rate might remain high for August. Last week, Fed Chair Jerome Powell signaled an impending rate cut in response to concerns about the job market.
Gold price movements in recent days.
According to CME’s FedWatch tool, traders foresee a 65.5% chance of a 25-basis point rate reduction in September, with a larger 50-point cut deemed a 34.5% likelihood.
Investors are now keenly observing the Personal Consumption Expenditures (PCE) price index, the Fed’s preferred measure of inflation.
Silver spot prices climbed 1.5% to $29.53 per ounce. Platinum rose 1.3% to $942.06, while palladium jumped 3.5% to $979.72.
Brent crude futures for October delivery increased by 39 cents, or 0.5%, to $80.33 per barrel. November WTI crude futures rose by 34 cents, or 0.4%, to $79.16 per barrel. US West Texas Intermediate crude futures climbed by 30 cents, or 0.4%, to $76.21 per barrel.
Oil prices rose on Friday as investors weighed concerns over supply disruptions in Libya and Iraq against weaker oil demand in various countries, particularly China.
Source: Reuters
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